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
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.
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,
For more information about the Ministry for
Foreign Affairs of Finland, visit http://formin.finland.fi/.
For more information about the Ministry of
Employment and the Economy, visit http://www.tem.fi.