MOSCOW, April 28 (RIA Novosti) - Russia and Germany will in June or July create a joint agency to improve energy efficiency in Russia, according to material released on Tuesday at a presentation about the new body.
Rudea will be run by Russia's Hydrocarbon Energy Fund with a 51% stake, and Germany's energy agency DENA with 49%. It will initially cost 4 million euros ($5.2 million) to set up but it is planned that within three years private investment will cover 50% of the agency's expenses.
The agency's priority projects in Russia are in household utilities and transportation. It will aim to increase the construction of buildings that use electricity efficiently, promote energy-saving lighting, and develop equipment and technology to conserve energy.
President Dmitry Medvedev in June 2008 signed a decree committing Russia to a 40% reduction in energy waste by 2020 against 2007 levels, as calculated by energy use per unit of GDP.
