A London-based bank has unveiled a countrywide financing programme for homeowners in Russia which states the first of its kind to help make the country’s residences more power efficient.

The $100 million (£64.5m) bank loan with the European Bank for Reconstruction and Development (EBRD) is going to be loaned through local private banks and intends to assist modernise Russia’s ageing housing stock.

Russia has to invest between 220 billion roubles (£4.6bn) to 1 trillion roubles (£20.7bn) per annum between now and 2035 to help make its housing cost effective, the EBRD advises.

Russia is considered being amongst the world’s most intensive energy users and its residential sector is the 2nd biggest energy consumer after the industry sector, making up 26% of total energy consumption. It uses 3 times more energy per sq. m. than real estate in EU countries with comparable climatic conditions, based on the EBRD.

The energy proficiency projects financed by the EBRD in Russia at this point - over €2.2 billion (£1.9bn) since 2006 - is claimed of having saved almost nine million tonnes of oil equal and reduce 17.5 million tonnes of greenhouse gas emissions annually.