Beijing, April. 24 (PTI): In an attempt to increase investment in the energy sector, experts from India, China and Brazil have discussed developing a "viable" Energy Service Company (ESCO) industry in order to substantially lower economic, social and environmental costs in the field.

The meeting, under the '3 Country Energy Efficiency Project (3CEE)', aims to hike investments in energy efficiency by financial sectors in the world's three largest developing countries -- Brazil, China and India, Senior Energy Planner with Denmark-based UN Environment Programme Risoe Centre, Jyoti Prasad Painuly, told PTI here.

The 3CEE Project, a partnership between World Bank, UNEP Risoe Centre and institutions in Brazil, China and India, is a unique effort at learning by sharing the best practices among the three countries with very high Greenhouse Gas (GHG) reduction potential.

"The potential for cooperation between India, China and Brazil is tremendous and we are making all-out efforts so that energy conservation experts from the largest developing nations can join forces to find ways to reduce energy consumption as well as help save the environment," he said.

"If present trends continue, these countries will more than double their use of energy and greenhouse gas emissions in the next 20 years," Koshy Cherail, Consultant to India Secretariat World Bank-UNEP 3-CEE Project under the Indian Renewable Energy Development Agency (IREDA), said.

By pursuing cost effective investments in energy efficiency, they can reach development with substantially lower economic, social and environmental costs, Koshy said.