On November 15, 2017, at the 23rd UN Climate Conference (COP23) in Bonn, the Russian pavilion held a conference "The participation of Russian business in the implementation of the country's climate policy. Russian Partnership for Climate Conservation", where the ENERPO Center executive director, Maxim Titov, presented a report.
Energy efficiency projects in Russia: implementation and financing
Russia is seeing stronger climate change impacts, from deadly storms in Moscow to river flooding in the country's south. With around 10 million of the country's people facing immediate climate-related risks there is a need for climate adaptation strategies, including better early warning systems and modernized infrastructure.
The negative effects of climate change are already costing the country 30 to 60 billion rubles ($530 million to $1 billion) yearly. To ensure a sustainable future for generations to come and meet rising demand, business as usual is not an option. We need solutions to help businesses and homeowners manage precious resources more sustainably.
In resource-intensive manufacturing sectors like cement and textiles production, there is a need for process improvements and equipment upgrades that save energy and water. Small business, like bakeries and furniture companies, also have to invest in modernized machinery that cut fuel use and increase output. And because buildings account for almost half of global energy use, homeowners and commercial property managers have to find solutions how to lower utility bills through energy-efficient renovations.
Banks and leasing companies are financing technological modernization, energy and resource efficiency, small hydro, wind, and solar solutions.
Managing the impacts of climate change and reducing its damage will require an urgent and coordinated effort by public and private sector players, particularly financial institutions.