VEB.RF Deputy Chairman Cesare Ragaglini spoke today at the OECD Forum on Green Finance and Investment, the annual flagship event for the global sustainable finance and investment community. Scheduled for 6–9 October and chaired by OECD Secretary-General Ángel Gurría, the online forum brings together prominent politicians, experts and businesspeople from around the world.
Cesare Ragaglini told the forum about the current status of the green finance market in Russia and described VEB.RF’s contribution towards its development. “Climate change is a problem that is global in nature and that cannot be resolved at national level,” he said. “Such a problem requires cooperation among all countries.”
Cesare Ragaglini spoke about VEB.RF’s efforts to draw up recommended guidelines on green financing and create a national taxonomy based on international best practices. “Today we live in an environment where there is no single definition of a green project. This causes uncertainty for investors and act as the main drag on the development of the green finance market,” he said. “To be recognised by the international community, the Russian taxonomy needs to be aligned with standards of the European Union, China, CBI, ICMA and others.”
The first debt instrument, namely Russian Railways perpetual bonds totalling 1.1 billion euros, was certified to the new Russian green standards the previous week, the speaker mentioned to the audience. The bonds were verified by an independent company as compliant with both the VEB.RF guidelines and the ICMA methodology. “Climate protection is our common goal. Financing for projects aimed at environmental improvement and the fight against climate change, along with the issuance of related green bonds, should not be subject to any restrictions,” Cesare Ragaglini said in conclusion.
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