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.
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.
For more information about Russian Energy
Agency, visit www.rosenergo.gov.ru.
For more information about RusHydro,