The polar research vessle Mikhail Somov at Franz Josef Land. Photo: Russian Polar Foundation.

The Russian government has decided to allocate EUR 10 million to the Arctic Council over the next two years. The funds will be allocated to the Arctic Council’s Project Support Instrument (PSI), which is administered by NEFCO.

The Project Support Instrument, which was established by the Arctic Council in 2005, is a financial initiative that aims to focus on actions preventing pollution of the Arctic. The PSI is a mechanism for financing specific priority projects already approved by the Arctic Council. Arctic Council member states and observers have pledged contributions to the PSI.

The PSI will be discussed at the Arctic Council’s Ministerial Meeting in Nuuk, Greenland on May 12. NEFCO will attend the meeting in Nuuk as an observer to the Arctic Council.

“We are extremely pleased with Russia’s support, which is instrumental for making the Project Support Instrument operational. This will enable us to finance a wide range of environmental projects in the Russian Arctic in the near future, said Investment Manager Amund Beitnes at NEFCO.

Read more about the Arctic Council

Read the press release issued by the Russian government about the subject (In Russian)

Watch Prime Minister Vladimir Putin’s announcement on the PSI (starting from 18’41)

Read more about the subject on Barents Observer’s web site

Learn more about the Arctic Monitoring and Assessment Programme

For additional information on the PSI and NEFCO’s involvement, please send e-mail to: amund.beitnes(at)nefco.fi or husamuddin.ahmadzai(at)nefco.fi