Scholarly record

FINANCING OF PROJECTS AIMED AT ENERGY EFFICIENCY INCREASE IN NORTHERN AND ARCTIC REGIONS

S.B. Globa, O. Almabekova, M. Jaeger, V. Berezovaya

Abstract

Development of the Northern and Arctic regions requires innovative approaches to support high quality of living in terms of business processes and everyday life. On the whole, these regions are most hard to support financially and require high costs. Standard of living is closely connected with regional infrastructure development, energy saving playing most import role. In Northern and Arctic regions energy saving has specifics compared to other RF regions as energy resources make up to 30% share of total costs, in separate regions reaching 40%. Therefore, increasing of energy efficiency has become the dominant factor affecting the interests of all sectors of economy and levels of government. Consequently, forming and developing and efficient mechanisms for financing of projects aimed at energy efficiency increase in northern and arctic regions, expending of using renewable energy sources, support of energy independence of small remote settlements, including those in the framework of international relations has become important. The paper considers financial mechanisms supporting financing of projects aimed at energy efficiency increase in northern and arctic regions efficiency projects in Northern and Arctic regions depending on the sources, participants and conditions of financing. The authors studied the ways and models of financing similar projects in different countries, identified the opportunities to adapt them Russian reality. Also main directions and problems of projects financing are analyzed and possible solutions are offered. To conclude, the considered problem is topical due to the need to long-term development of the Northern and Arctic regions via forming and permanently modernizing infrastructure.

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