The International Finance Corporation (IFC) has pledged to bring renewable energy to households in rural areas in Russia.
It has signed an advisory services agreement with eastern Russia’s largest energy supplier to develop renewable projects in isolated parts of the country. The move is part of its efforts to decrease local dependence on imported fuel and cut greenhouse gas emissions.
IFC will help RAO Energy System of East identify renewable energy opportunities in the country’s Far East Federal District through its Russia Renewable Energy Programme.
Tomasz Telma, IFC Director for Europe and Central Asia said: “Renewable energy is a cost-effective alternative to fossil fuels in many regions of Russia. Partnerships with strong local players can help us bring affordable green power to people living in isolated areas of the country.”
In the last fiscal year, the IFC invested $436 million (3285.4m) in 22 companies to support climate-friendly investments in energy efficiency and renewable power project. It recently met the Government of Philippines to help build and operate more sustainable and cost efficient buildings in the country.