Fridge and Freezer Replacement Program In Cook Islands to Reduce Energy Consumption-ADB

RAROTONGA, COOK ISLANDS (2 MAY 2012) A Memorandum of Understanding (MOU) was signed today by the Asian Development Bank (ADB), the Government of the Cook Islands, and the white goods retailers-Motor Centre and the Cook Islands Trading Corporation Ltd. The MOU supports the Fridge and Freezer Replacement Program which is one of several energy efficiency projects being developed and implemented under the Promoting Energy Efficiency in the Pacific-Phase 2 Project.

The project, co-financed by: ADB, the Government of Australia, the Global Environment Facility and the Asian Clean Energy Fund under the Clean Energy Financing Partnership aims to reduce energy consumption in the residential, commercial and public sectors through the implementation of energy efficiency measures, and to establish policy frameworks to help Cook Islands move away from fossil fuel dependency.

The Fridge and Freezer Replacement Program will encourage households to replace their old inefficient fridge/freezer (5 years or older) with high energy efficient models. The program, financed by ADB, will subsidize participating retailers in the Cook Islands, enabling them to sell new high energy efficient fridge/freezers at the market price of a low energy efficient one.

Its estimated that around 40% of household electricity costs in Cook Islands is for refrigeration, said Martina Tonizzo, Project Team Leader from ADBs Pacific Department. By using an energy efficient fridge, the average household would save around NZ$200 to NZ$300 per year on electricity.

The program will reduce electricity consumption in the Cook Islands by promoting high energy efficient fridge/freezers. Under the program, the retailers will offer rebates between NZ$150 and NZ$500 to customers purchasing selected high efficient fridge/freezer models, in exchange for their old, working low efficient fridge/freezer of similar capacity.

The fridge/freezer replacement program aims to initially cover 325 households in Cook Islands over a one year period. It is expected, the program will quickly transform the fridge/freezer market from low energy efficient to high energy efficient models, resulting in a reduction of electricity consumption of approximately 20-30% for each participating household. Significant cost savings in household electricity bills and increased awareness of energy appliance labeling and the benefits of using energy efficient appliances are also expected benefits of the program.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration. Established in 1966, it is owned by 67 members 48 from the region. In 2012, ADB assistance totaled $21.6 billion, including cofinancing of $8.3 billion.

ENDS

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Fridge and Freezer Replacement Program In Cook Islands