Some low-value energy-intensive industries like cement have been forced to embrace this out of market compulsions. But most continue to waste this precious limited resource despite the massive savings possible. The savings, according to experts, can be as high as Rs 7500 crore over a period of two years.

One of the speakers, Bhaskar Natarajan, senior project officer, Indo-Canada Environment Fund and a former bureaucrat in the power ministry, admitted that insignificant progress has been made on the energy management front in the country since the first energy summit in 1996.

India's energy needs are met to the extent of 70 per cent from exaustable fossil fuel such as coal, oil, natural gas etc. The current reserves of these fuels are such that they would not last more thanthe firt quarter of the 21st century which make it all the more important for the industry to conserve these resources by efficiency utilising its fossil fuels thereby extending their availability and at the same time tap alternate sources of energy.

However shrinking markets, increasing costs have put increasing pressure on efficient energy management. While this expertise was restricted to some consultants earlier, companies are now being formed to provide total solutions according to specific requirements in any industry. These companies would not only prepare the project report after in-depth consultations with clients, bring in requisite technology, but arrange for finances, source for the correct equipment, execute the project, all based on the payback guarantees within the specified time frame signed in the master agreement. In other words, industries would be able to own new assets in a specific time frame, purely out of funds realised from energy savings.

The energy savings would be carefullymonitored through audits.IDBI has specific schemes for the funding of energy conservation projects through US AID and UNDP funds. About $ 60 million are still lying with the agency unutilised for the purpose.