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Moscow, Russian Federation, December 9, 2010
—IFC, a member of the World Bank Group, in partnership with Global Environment Facility, the Russian Energy Agency, and other local partners is launching a new advisory-services program in Russia to promote development of renewable energy, catalyze private sector investment, and support a sustainable renewable-energy market.
The five-year IFC Russia Renewable Energy Program will work with the government to make Russia’s regulatory environment more conducive for renewable-energy investments, and it will cooperate with banks to expand access to renewable-energy finance. The IFC program will also focus on building market capacity in selected regions, and on raising awareness about renewable-energy issues to broaden support for renewable-energy development and use in Russia.
“Russia’s renewable-energy potential is enormous, as we possess all kinds of renewable-energy resources,” said Timur Ivanov, Director General of the Russian Energy Agency. “The only issue we need to resolve is how to open up the market and make full use of this potential.”
About two thirds (68 percent) of Russia’s electricity-generation capacity is thermal (oil, natural gas, and coal), with less than one percent generated from renewable sources. By 2020, according to Russian state policy on energy efficiency, the amount of electricity generated from renewable energy sources should reach 4.5 percent. This would allow saving of 41.5 million tons of coal per year and avoid more than 36 million tons of carbon-dioxide emissions per year, which is the equivalent of taking 8 million cars off Russia’s roads.
“We would like to help Russia unlock its renewable-energy potential and show the economic benefits that come with it,” said Patrick Willems, IFC Program Manager. “We are convinced that if we open the door and unwind this potential, a flood of ideas, initiatives, and investments will follow, creating millions of jobs in the process. We are sure this goal is achievable, given Russia’s vast renewable-energy sources, and provided enabling legislation and proper industry support mechanisms are in place.”
Today, IFC will also sign a memorandum of understanding with RusHydro, a leading company in renewable-power generation in Russia. This will pave the way for future cooperation between IFC and RusHydro, particularly on rehabilitating and developing new hydropower plants in Russia and the broader region.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit
www.ifc.org
.
For more information about Global Environment Facility, visit
www.thegef.org
.
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