HSBC along with Spandana and MEC has embarked on a project to provide clean energy alternatives to clients of Spandana, a Hyderabad based microfinance institution MFI. MicroEnergy Credits is a US Based social enterprise and has worked with several MFIs globally to help them launch and scale clean energy programs. A grant from HSBC will enable Spandana to receive technical assistance from MicroEnergy Credits to develop and roll out a clean energy product portfolio suited to the needs of its clients. MEC will in turn link Spandana’s microfinance clients to the global carbon credit markets and enable them to trade carbon credits earned by adopting clean energy.

Speaking on the occasion, Naina Lal Kidwai, Group General Manager and Country Head, HSBC India said “We believe that this innovative approach will offer clean energy through renewable resources, helping to green the Indian economy. Early findings of a survey conducted in the Bhandara region are encouraging; these indicate a high response rate among rural women to accept new technologies for use of renewable energy resources. We see great potential to scale up this initiative, thereby creating greater impact across India.”

“I’m proud to partner with HSBC and Spandana in their effort to enable the microenterprise sector in India join the global effort to stop climate change and also bring the benefit from the carbon markets to micro entrepreneurs” said April Allderdice, CEO of MicroEnergy Credits Corp.

Ms. Padmaja Reddy, Founder, Spandana said “Through this partnership, we are able to offer affordable and environmentally-friendly lighting technologies to our clients. At Spandana, we are committed to enhancing the overall quality of our clients’ lives, and the solar torch light loan is one of many products that we consider to be essential and with the potential to improve the lives of our clients. The learning’s from this pilot have been useful for us as we explore the possibility of making available a wider range of financial and non-financial products and services to our clients.”

The project aims to impact around 1 million households. By the end of the Project Spandana staff will have the capacity to manage an energy product portfolio that is scalable on a sustainable basis. This will have the impact of making credit for clean energy access available to Spandana’s growing client base. Households that adopt these products will reduce dangers to health and burdens on women for biomass fuel collection, allowing them to pursue additional income-generating activity.

MicroEnergy Credits (MEC) and HSBC in India have formed a partnership to provide solutions to Microfinance Institutions and communities to tap into emerging opportunities in global carbon credit markets, through adapting to renewable energy.

Household access to electricity for productive purposes (industry, irrigation and commercial activities), and for human development purposes (education and health facilities) all contribute to economic development and poverty reduction. Lack of access to or interruptions to electric grid service in developing countries are constantly affecting businesses, education, agriculture and other activities which cannot function without power.

In addition, recurring illnesses such as chest and upper respiratory illnesses have been attributed to smoke caused by current cooking technologies and fuels. Studies have shown that substituting cleaner cooking fuels such as LPG or biogas digesters can halve infant mortality rate and greatly reduce chronic lung disease and cancer in women and children.

MEC and HSBC in India will work together to identify obstacles faced by Microfinance Institutions (MFIs) to initiate clean energy programs, develop and implement solutions. This partnership will expand the scope of MFIs to access carbon credit markets, by launching their energy programs expeditiously and efficiently, which will result in improved environmental and economic conditions for rural poor communities in India.

“I’m proud to partner with HSBC and support the microenterprise sector to join the global effort to stop climate change and benefit from the carbon markets” said April Allderdice, CEO of MicroEnergy Credits Corp.

Added Puneet Chaddha, Managing Director and Head, Commercial Banking, HSBC India, “This partnership embodies HSBC’s commitment to assist in improving the living conditions of the financially excluded population in a sustainable manner. This effort will also have a positive impact on climate change. ”

Both MEC and HSBC have been spearheading global clean energy initiatives. MEC is the recognized leader in solutions-based carbon trading market. Using internet and mobile phone technology MEC aggregates carbon offsets from the clients of Microfinance Institutions and sells them to the carbon markets, enabling better and cleaner energy choices for the market at the bottom of the pyramid. HSBC was the first bank to demonstrate global carbon neutrality in 2005. HSBC too is a signatory to the Equator Principles and ensures that all its lending activities do not lead to projects that harm the environment, and actively promotes activities which help the environment

More posts moving over from http://microenergycredits.blogspot.com/

Contact MicroEnergy Credits at info @ microenergycredit DOT com.