United States and Russia signed this week a Protocol of Intent to deepen collaboration on energy efficiency, smart grid technology, and clean energy.

The agreement will foster partnerships with U.S. and Russian utilities, regulators and others to share information and best practices. Potential activities will reduce energy loss in electricity systems and decrease levels of carbon emissions to help mitigate climate change.

The U.S. and Russia are among the world's largest emitters of greenhouse gasses per capita according to the World Bank. Both also have enormous potential for energy efficiency improvements.

A report by the World Bank Group estimated that realizing its full energy efficiency potential could save Russia up to USD80 billion annually.

The agreement, signed by the U.S. Agency for International Development (USAID) and the Russian Energy Agency (REA), followed the commitment by Presidents Barack Obama and Dmitry Medvedev at U.S.-Russia Summit in June to promote energy efficiency and green technology.

"We both have a lot to gain from new cooperation. By bringing people together, we can have a more significant impact on global issues, including promoting energy efficiency and combating climate change," said USAID Deputy Assistant Administrator for Europe & Eurasia Jonathan Hale.

"I look forward to meeting with the Russian Energy Agency in Moscow within the next several weeks to keep this opportunity moving forward."

The agreement with Russia is just one of USAID's efforts to promote sustainable energy in Europe and Eurasia. Other efforts are going on in Ukraine and Macedonia.

It also has a regional strategic planning activity in cooperation with the Greek Ministry of Foreign Affairs to advance energy efficiency and renewable energy development through collaboration in nine countries.

USAID looks forward to continuing and furthering cooperation with partners in Europe and Eurasia to promote energy efficiency and combat climate change.

"The awesome challenge of global climate change requires innovation and cooperation. Unleashing the wisdom and ingenuity in working government to government, people to people, business to business we can craft solutions that compel our economies forward," said Maura O'Neill, USAID Senior Counselor for Innovation.