Arctic Council Received First Tranche from Russia

By Joseph R. Fonseca
Thursday, July 17, 2014
Total amount of 10 million euros to the Project Support Fund of the Arctic Council, established by the Nordic Environment Finance Corporation

 

Russian Ministry of Finance transferred the first tranche of 5 million euros for implementation of environmental projects of the Arctic Council.

This amount is the first payment of Russia’s financial contribution with the total amount of 10 million euros to the Project Support Fund of the Arctic Council, established by the Nordic Environment Finance Corporation (NEFCO). The funds are to be transferred in two tranches of 5 million euros each in 2014 and 2015, respectively, reports RIA Novosti.

The Fund will use them to eliminate hotbeds of pollution in the Arctic, as well as to reduce atmospheric emissions of harmful substances, including those directly affecting climate change.

‘The arrival of the first contribution from the Russian Federation to the Fund is a significant practical step testifying to Russia’s commitment to tap the potential of international cooperation within the framework of the Arctic Council. This will be Russia’s true contribution to implementation of the Agreement on Cooperation on Marine Oil Pollution Preparedness and Response in the northern seas, signed by the Arctic countries in Kiruna in 2013,’ said the Deputy Head of the Ministry of natural resources Rinat Gizatulin.

The project support tool has been created by the Arctic Council, which brings together eight bordering countries, for funding and joint management of environmental projects in the Arctic area, primarily on the territory of Russia. The Fund’s appointed operator is the Nordic Environment Finance Corporation (Finland).

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

Environmental

NZ Report: Human Error to Blame for Rena Grounding

New Zealand's Transport Accident Investigation Commission (TAIC) published its final report into the grounding of containership Rena in October 2011. The TAIC’s

Costa Rica Approves APM Terminals Project

Port operator APM Terminals, a unit of Denmark's A.P. Moller-Maersk, said on Friday Costa Rica's environment agency had approved the construction of its Moin Container Terminal project.

NOAA: US to See More Floods from Sea Level Rise

Most of U.S. coast may see 30 or more days a year of floods up to 2 feet above high tides. By 2050, a majority of U.S. coastal areas are likely to be threatened

News

Port Workers in Argentine Grain Hub End Strike

Port workers in part of the Argentine grains hub of Rosario lifted a work stoppage on Friday, only a day after they went on strike over demands for higher year-end bonuses, a union official said.

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

Arctic Operations

Reports on Rosneft Arctic Projects

On December 18, Member of Rosneft Board of Directors, special representative of President of the Russian Federation on international cooperation in the Arctic

BSEE Attends Arctic Council Meeting

The Bureau of Safety and Environmental Enforcement’s (BSEE) David M. Moore recently traveled to Seattle, Wash., for a meeting of the Arctic Council Emergency Prevention,

RV Sikuliaq: Modern Electric Propulsion & Power Management

While ships have used electricity to help power vessels for a long time, new and sophisticated diesel-electric technologies are making serious gains in efficiency,

 
 
Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2866 sec (3 req/sec)