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).

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