In the framework of the EU program aimed at promoting innovation and entrepreneurship in support of Lebanon’s clean energy transition, INSME enjoyed the live session “Opportunities to scale up and the role of flexible financing instruments”, held in mid December.
Among the panellists, Ms Gabriella Esposito, Engineer and Project Manager at the Istituto per la Cooperazione Universitaria (ICU, Italian NGO), presented REESTART Project, co-funded by EU and able to bring social and environmental benefits deriving from the better exploitation of renewables.
From the implementation of REESTART would derive social and environmental outcomes, such as:
▪️ Unleashing the renewables potential in Lebanon;
▪️ Promotion of innovation and job creation;
▪️ Increase investments in sustainable energy transition;
▪️ Push forward ESCOs (Energy Service Companies) business models.
For Lebanon is fundamental to invest in such projects if the country wants to meet its targets of 30% renewable electricity consumption by 2030: looking at Lebanon’s great endowment of sun, water and wind, the objective is deemed to be feasible. At the same time, the ecosystem could not to be ready to embrace this challenge, yet. It is crucial for the project’s success to attract private sector investing in alternative sources of energy, and institutions must be willing to adopt effective and sustainable energy policies. SMEs are the final beneficiaries of the implementation of such projects, receiving the green solution without any fee being charged.
Today, the country is not exploiting its green energy potential, relying on the import of oil and energy from abroad. The REESTART Project is aimed at increasing levels of investments in renewable energies end energy efficiency through the creation of a more enabling environment for ESCOs to operate and grow. It offers capacity building programmes for ESCOs, together with technical, financial, and legal training. Furthermore, it will help define SMEs green business strategies, offering energy audits for 35 selected SMEs and implementing 6 pilot energy projects, chosen by examining at their replicability, payback period, energy audits, efficiency, innovation breakthroughs.
INSME is a supporter of REESTART, and here you can have a look at the project’s website to know more.