Nuclear safety

Financing nuclear safety

Northern Dimension initiative: Financing nuclear safety

Nuclear safety

The service ship Lepse contains spent nuclear fuel and radioactive waste from the former Soviet fleet of nuclear-powered icebreakers and poses a significant environmental threat to the Baltic states, Nordic countries and north-western Russia.

The EBRD plays a key role in efforts to dismantle the ship and safely dispose of the nuclear and radioactive materials aboard the Lepse by managing the Nuclear Window Support Fund of the Northern Dimension Environmental Partnership (NDEP). This fund, which receives contributions from numerous European countries and the European Union, finances vital nuclear safety projects in the Northern Dimension Area. A €53 million grant from the fund is dedicated to work to make the Lepse safe.

In September 2012, vessels towed the Lepse from its previous mooring point near the city of Murmansk to the Nerpa shipyard, also on the Kola Peninsula, where workers experienced in dismantling nuclear submarines will take the ship apart.

In 2013, the project reached another major milestone when experts submitted plans for the vessel’s dismantling and the removal of nuclear and radioactive material from the ship to the Russian regulatory authorities for approval. Taking the ship apart will require the installation of special equipment at the shipyard.

Preliminary work on dismantling the Lepse began in 2013. In 2014, workers are expected to place the vessel on a slipway ahead of further dismantling operations. The whole project is expected to be completed by the end of 2017.

In Numbers

EBRD annual Bank investment by sector, 2013

  • Industry, commerce and agribusiness 31%
  • Financial institutions 28%
  • Energy 21%
  • Infrastructure 20%

The EBRD and nuclear safety [table class=””][attr colspan=”1″] “The EBRD plays a leading role in efforts to improve nuclear safety. It oversees work to make the Chernobyl site safe and secure, supports the decommissioning of outdated nuclear plants, helps address the environmental legacy of the Soviet nuclear-powered fleet in north-western Russia and carries out other nuclear safety work in the region.”
[/table] [table class=””][attr colspan=”1″] “The Bank carries out decommissioning support programmes to help Bulgaria, Lithuania and the Slovak Republic deal with the consequences of the shut-down of Soviet-designed nuclear power plants.”
[/table] [table class=””][attr colspan=”1″] “Dedicated donor funds finance these programmes as part of assistance agreed during European Union accession negotiations. As well as supporting decommissioning, the funds contribute to energy sector projects to help the countries cope with the loss of generating capacity.” [/table]

Key facts about our work in this area [table class=””][attr colspan=”2″] “Six nuclear safety funds and their associated programmes are managed by the EBRD. It does this on behalf of more than 40 donors, who have together contributed more than €4 billion for the purpose.”

“The Bank’s shareholders have contributed €325 million of EBRD capital towards the completion of projects in Chernobyl.”

“Decommissioning funds also support measures in the energy sector and projects to increase energy efficiency, including on the demand side.”

About this report

The EBRD’s Annual Report 2013 provides a comprehensive overview of our activities and achievements in the countries where we invest.

The report demonstrates that, amid economic turbulence and the deterioration of economies, the EBRD remains a strong, resilient and trusted partner.

It describes the transition impact of the Bank’s investments, projects and policy work, highlights its innovation in key sectors and geographical initiatives, and shows how the EBRD continues to promote sustainable growth and recovery.

Who we are

The EBRD is investing in changing people’s lives and environments across a region that stretches from central Europe to Central Asia, the Western Balkans and the southern and eastern Mediterranean.

Working together with the private sector, we invest in projects, engage in policy dialogue and provide technical advice that fosters innovation and builds sustainable and open-market economies.

What we do

We provide funds for well-structured, financially robust projects of all sizes (including many small businesses), both directly and through financial intermediaries such as local banks and investment funds. The Bank works mainly with private sector clients, but also finances municipal entities and publicly owned companies.

Our principal financing instruments are loans, equity investments and guarantees. We maintain close policy dialogue with governments, authorities, international financial institutions, and representatives of civil society, and provide targeted technical assistance using funds donated by member governments and institutions.


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