In partnership with Finland, Austria, the Netherlands, and Saxony
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Russia’s industrial sector accounts for 60 percent of the country’s air pollution, 25 percent of its water pollution, and more than 90 percent of its solid waste. It has been slow in overhauling equipment and adopting new technologies, and as a result, more than 70 percent of the country’s production assets are more than 25 years old, and the country’s economy, competitiveness, and environment are significantly affected.
Russia lacks robust environmental policies which can incentivize the industrial sector to reduce pollution. For example, the maximum pollution fine that a company has to pay usually constitutes only a fraction of the cost required to introduce new resource efficiency technologies that would effectively curb pollution in the longer term.
The country is now ranked fourth among the world’s largest producers of greenhouse gas (GHG) emissions by the International Energy Agency.
Moreover, the majority of Russian companies and banks underestimate the potential cost savings of resource efficiency initiatives.
However, if positioned correctly, resource efficiency can appeal to Russian industry players because it can reduce costs, increase profits, and, ultimately, make them more competitive and ripe for investments from IFC and local financial institutions.
IFC aims to increase the competitiveness of the Russian industrial sector by:
*As of December 2012
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Nezhdana Bukova | Moscow, Russia
+7 495 411 7555 | NBukova@ifc.org
Ifc.org/sustainablebusiness