What's Happening?
Kotak Mahindra Bank's Kotak Indian Institute of Technology Madras Save Energy Mission (KISEM) has completed over 509 energy audits across 30 industrial sectors in India. This initiative, launched in September 2022, is part of Kotak's Environment and Sustainable
Development program. The audits have resulted in annual cost savings of INR 96 crore for Micro, Small, and Medium Enterprises (MSMEs) and reduced greenhouse gas emissions by over 123,594 metric tonnes of CO2 equivalent. The program has issued 5,850 energy-saving recommendations, with full implementation potentially unlocking an additional INR 404 crore in annual savings. KISEM has expanded to ten IIT centers across India, strengthening its national footprint in industrial energy efficiency and MSME decarbonization.
Why It's Important?
The KISEM initiative is significant as it supports India's industrial decarbonization agenda, particularly for MSMEs, which are crucial to the country's economy. By reducing energy costs and emissions, the program enhances the competitiveness of these enterprises while contributing to India's low-carbon development strategy. The initiative also aligns with global efforts to combat climate change by promoting energy efficiency and sustainability in industrial operations. The program's success demonstrates the potential for similar models to drive systemic change in other sectors and regions.
What's Next?
KISEM's expansion and its empanelment under the Bureau of Energy Efficiency's ADEETIE scheme will enable it to conduct government-accredited, investment-grade audits. This development is expected to attract more MSMEs and large-scale corporates to participate in the program. The initiative's focus on digital energy-audit platforms and net-zero strategies for large industries indicates a move towards broader industrial decarbonization efforts. As KISEM continues to grow, it may serve as a model for other countries seeking to enhance industrial energy efficiency and sustainability.
