International Finance Corporation to develop renewable energy sector in partnership with private players
World Bank Group member International Finance Corporation (IFC) is forging partnerships with various private sector partners in a numbers of countries to expand renewable energy generation while addressing the challenges of climate change.
Commenting on the partnerships IFC vice president for Eastern and Southern Europe, Central Asia, and the Middle East and North Africa Dimitris Tsitsiragos remarked that the energy sector is expected to play a vital role in the promotion of sustainable development worldwide.
"In particular, renewable-energy technologies are the most sustainable solution to meet the ever-growing demand for energy.
"They offer cost-effective, reliable, and safe energy generation," said Tsitsiragos.
The financial body as a beginning signed an agreement with the Belgorod and Nizhny Novgorod regions in Russia to develop renewable energy by rehabilitate small hydro power plants.
IFC will now work with the Russia Renewable Energy Program to help the regional governments to replace coal and oil-based energy generation with biomass and small hydro.
IFC Russia Renewable Energy Program manager Patrick Willems said, "The Nizhny Novgorod and Belgorod regions have great renewable energy potential.
"By promoting private investments in this sector, they can not only address their local energy needs, but also play a catalytic role in unlocking the national renewable energy market."