Russian Executing Agency (REA)
In 2012 VTB Bank was selected as the Russian Executing Agency (REA) of the Arctic Council Project Support Instrument (PSI).
After execution of the delimitation of duties agreements with the Ministry of Natural Resources and Environment of the Russian Federation and the Nordic Environment Finance Corporation regarding financing environmental projects of the Arctic Council, VTB Bank began discharging its duties.
REA serves as an agent bank to manage Arctic program funds on the Russian side and provides assistance in the preliminary selection, evaluation, and preparation of project proposals and projects.
VTB Bank searches for projects that comply with the Arctic council goals and attracts additional financing. Today the bank negotiates for such projects as:
- modernization of a cement production plant and improvement of its environmental performance;
- rehabilitation from the accumulated environmental damage at the Far North;
- creation of a waste recovery enterprise that would manufacture products using recycled materials in the Arctic zone of the Russian Federation;
- organization of a waste management enterprise that uses innovative technologies;
- conversion of coal and oil boiler stations to biofuel.
In 2019, REA developed and implemented 16 projects of the Arctic Council that aim to prevent climate change, manage hazardous waste, and preserve biodiversity.
In 2020 VTB Bank and VTB Environment, a VTB Group special purpose entity for environment-related activities, still supported the PSI projects in the Arctic zone of the Russian Federation and assisted the Ministry of Natural Resources and Environment of the Russian Federation in preparing necessary reference data and opinions.
Project function
As the REA, VTB Bank supported the PSI-funded project, “Phase-out of Fluorinated Greenhouse Gases and Ozone-Depleting Substances at Fish and Seafood Processing Enterprises of the Murmansk Oblast (Arctic Zone of the Russian Federation).”
REA’s representatives are members of the Project Supervising Committee.
Links:
Social responsibility of VTB Bank: https://www.vtb.ru/o-banke/bank-vtb/socialnaya-otvetstvennost/