Press Releases

IFC Partners with Finland to Improve Residential Energy Efficiency in Russia

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Moscow, Russia, June 17, 2010—IFC, a member of the World Bank Group, in partnership with Finland’s Ministries for Foreign Affairs and Employment and the Economy, launched a new advisory services project to stimulate energy-efficient modernization of residential buildings in Russia and reduce energy waste and greenhouse-gas emissions.

As the second-largest end user of energy in Russia after manufacturing, the residential housing sector has the greatest energy savings potential. Energy consumption in residential housing could be halved, resulting in a reduction of about 150 million tons of carbon dioxide emissions a year. This is more than the total annual carbon dioxide emissions of Finland and Denmark combined.

“Finland has a broad experience in making its economy energy efficient,” said Matti Anttonen, Ambassador of Finland in the Russian Federation.  “We are pleased to support the expansion of IFC’s energy efficiency advisory program into the residential sector and believe it will have a positive impact on people, businesses, and the entire country.”

Rashad Kaldany, IFC Vice President for Asia, Eastern Europe, Middle East, and North Africa, said, “Climate change is a global issue that should be addressed at the grassroots level. We are grateful to our Finnish partners for supporting a program that will improve peoples’ everyday lives and contribute to global efforts to preserve the earth for future generations.”

To help Russia realize its energy efficiency potential in residential sector, IFC will work with banks to stimulate them to finance investment in the energy-efficient renovation of residential multifamily buildings, with homeowners associations and management companies to help them find economically attractive solutions, and with the Russian legislature to improve regulation related to this market.

About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing capital for private enterprise, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit

For more information about the Ministry for Foreign Affairs of Finland, visit

For more information about the Ministry of Employment and the Economy, visit