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Towards an efficient and low carbon economy post-2012: opportunities and barriers for foreign companies in the Russian energy market

  • Maria Garbuzova
  • Reinhard Madlener
Original Article

Abstract

Russia is one of the most energy- and carbon-intensive countries in the world. The high level of technical abrasion and a low level of investments into modernization of the Russian energy industry cause huge energy wastage and carbon emissions. This situation is regarded by countries relying on energy imports from Russia as an increasing threat to security of supply and as a major barrier to global climate change policy. This paper provides an overview of the current and future Russian energy efficiency and greenhouse gas mitigation policies. The focus is laid on the detailed investigation of the progress and future potential of the market-oriented mechanisms Joint Implementation (JI) and Green Investment Scheme (GIS), being considered as two possible channels for FDI in transnational energy efficiency and carbon mitigation projects. The analysis was conducted by reviewing the relevant scientific and non-scientific literature including a variety of theoretical and practice-oriented arguments. Based on this assessment, we conclude that JI and GIS are confronted with numerous barriers in the Russian energy market. We further scrutinize the ability of Energy Service Companies (ESCOs), as one of the market intermediary models, to overcome some of these barriers in the process of effectively integrating JI and GIS in their long-term business strategies. Due to the compatibility of the main features of JI and GIS with the working procedures under the ESCO model we conclude that numerous synergy effects can be generated and that the majority of transaction barriers specific for the Russian energy market can be overcome. Such an integrative framework for international energy efficiency and carbon mitigation projects would contribute to the modernization of the Russian energy industry and enable a “win-win” situation for foreign companies seeking to invest in a sustainable manner.

Keywords

Energy efficiency Carbon mitigation Joint implementation (JI) Green investment scheme (GIS) Energy service company (ESCO) Russia 

Abbreviations

AAU

Assigned Amount Unit

bn

Billion

CEE

Central and Eastern Europe

CIS

Commonwealth of Independent States

CO2

Carbon dioxide

CPI

Corruption Perception Index

EC

European Commission

e.g.

For example

EPC

Energy Performance Contracting

ERU

Emission Reduction Unit

ESCO

Energy Service Company

et al.

Et alii

EU

European Union

FDI

Foreign Direct Investment

GDP

Gross domestic product

GHG

Greenhouse gases

GIS

Green Investment Scheme

GW

Gigawatt‎

IET

International Emissions Trading

IPCC

Intergovernmental Panel on Climate Change

JI

Joint Implementation

JISC

Joint Implementation Supervisory Committee

kWh

Kilowatt hour

MEDT

Ministry of Economic Development and Trade

M&V

Monitoring and verification

NGO

Non-governmental organization

No.

Number

O&M

Operation and maintenance

SRTT

Special Report on Methodological and Technological Issues on Technology Transfer

toe

Ton of oil equivalent

TI

Transparency International

UN

The United Nations

UNCTAD

United Nations Conference on Trade and Development

UNEP

United Nations Environment Program

UNFCCC

United Nations Framework Convention on Climate Change

U.S.

The United States of America

PPP

Purchasing power parity

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Copyright information

© Springer Science+Business Media B.V. 2011

Authors and Affiliations

  1. 1.Institute for Future Energy Consumer Needs and Behavior (FCN), School of Business and Economics / E.ON Energy Research CenterRWTH Aachen UniversityAachenGermany

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