Energy Conservation Fund (ECF)
History of Company
- Fuel Efficiency in Road Transport Sector (FERTS) project was funded by Global Environmental Facility (GEF) with U.S. $ 7.0 million grant. The project was implemented by UNDP in conjunction and executed by ENERCON being the focal agency on behalf of Government of Pakistan.
- FERTS established 50 Tune-up Centers, carried out 15 special studies, training of 1100 auto mechanics and 900 prospective entrepreneurs through 40 workshops in major cities of Pakistan and under took a phased out media campaign during its currency and also under took information and outreach activities.
- The mandate of FERTS project was to establish a Revolving Loan Fund (RLF) with the seed money of US $ 3 Million out of the total grant of US $ 7 Million by GEF. Therefore, ECF was registered as a corporate body with Security & Exchange Commission of Pakistan (SECP), Islamabad in January 11, 2002. Thereafter the fund amounting to US $ 3 Million was converted into Pak Rupees and parked with ECF.
Legal status of the Company
- The Company is limited by Guarantee not having share capital and is formed not for profit within the meaning of Section 42 of the Companies Ordinance, 1984.The Company is governed by its Articles of Association in line with the Companies Ordinance, 1984.
Objective / Business of the Company
The main objective of the Company is "energy conservation through energy efficiency, use of alternative economical nonpolluting energy, better maintenance techniques for all types of vehicles, equipment, devices, machinery being use in Pakistan"
- Other objectives of the Company have been elaborated in the Memorandum of Association, filed with SECP, consisting of 30 clauses covering major aspects of energy conservation activities.
- The scope of ECF was previously limited to the leasing / financing of vehicle tune-up equipment however the BOD of ECF in its 24th meeting decided to enhance the scope of ECF and included all energy conservation initiatives under the mandate of ECF. However all such endeavors requirements to be approved by BOD, ECF before its execution.
Members / Board of Directors
There were nine members of the Company along with other Directors with following composition:
- Secretary Ministry of Water & Power Chairman/Director
- Secretary Finance Division Member/Director
- Secretary Economic Affairs Division Member/Director
- Managing Director ENERCON Member/Director
- Financial Expert from civil society Member/Director
- Representative of reputable NGO Member/Director
- Private sector expert Member/Director
- Environmental Specialist with Member/Director capacity in energy.