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Dmitry Aksakov: Russia Needs Its Own Methodology for Responsible Business Practices, Including Green Financing

20 february 2020 года
#News
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VEB.RF Vice-President Dmitry Aksakov said these words at the 2nd annual conference “Responsible Financial and Investment Practice in Russia”.

“On the one hand, environmental concerns are national priorities for our country. On the other, the issue of responsible financing attracts a great deal of public attention in the world, and Russia is an active participant in international economic relations. It is, therefore, important for Russia to have national standards of responsible business conduct. This is necessary so that Russian companies use greener production processes and so as to make it easier for Russian companies to do business with foreign partners. Meanwhile, it’s important that the Russian standards should be close to international standards. We believe Russian companies need methodological, informational and other kinds of support to become more active in joining the ESG ecosystem,” he said.

It is extremely important for VEB.RF as a development institution to apply responsible financial and investment practices. This is highly significant for all of VEB.RF’s key business areas: high value-added production, infrastructure, urban economy. As stated in the Memorandum on Financial Policies, VEB.RF does not participate in projects in Russia if they fail to meet environmental requirements and standards. An example is VEB.RF’s participation in financing the largest energy-from-waste project in the Moscow Region.


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