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VEB.RF Tells BRICS Business Forum About Its Green Finance and Responsible Business Initiatives

23 october 2020 года
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VEB.RF Deputy Chairman Yuriy Korsun and VEB.RF Senior Vice-President Elena Gushchina spoke at the BRICS Business Forum on 22 October to an audience of businesspeople, financiers and experts from the five member states.

Elena Gushchina, Senior Vice-President of VEB.RF, and Antonina Levashenko, Head of Russia-OECD Center RANEPA, told the audience about the two organisations’ best practices in responsible financing. They worked with other BRICS development institutions in 2020 on the Memorandum on the Principles of Responsible Financing, which is expected to be adopted at the BRICS Summit in November. According to Antonina Levashenko, the memorandum can be divided into two parts: three principles are aimed at improving the internal mechanism, whereas five principles are designed to encourage customer engagement.

Elena Gushchina noted the importance of the memorandum for promoting best practices of responsible financing in the BRICS member states, along with a need for continued joint work in this area, not only within BRICS but also across OECD countries. The OECD held an international seminar in June 2020 where the principles contained in the BRICS memorandum were first presented. Even at that time, the OECD noted that VEB.RF was a leader in creating the principles of responsible financing designed specifically for development institutions. Additionally, Barbara Bielić of the OECD noted at the forum that the memorandum was a unique document based on the organisation’s best practices. Elena Gushchina also underlined that the signing of the memorandum should be followed by more detailed recommendations on how to use its principles.

VEB.RF Deputy Chairman Yuriy Korsun told the audience about the importance of development institutions in a period of economic downturn and described VEB.RF’s achievements in setting up Russia’s national green finance system as part of responsible financing. VEB.RF released the first version of recommended guidelines on green financing in 2020, verifying a green issue of Russian Railways perpetual bonds totalling 100 billion roubles. In addition, VEB.RF integrated the methodology into its credit process and intends to provide funding for green projects at a reduced interest rate.

Representatives of BRICS leading banks also told the meeting about their practice of financing green projects and about the system for assessing projects for compliance with ESG criteria and emphasised the importance of the responsible financing initiative of BRICS development institutions. The panel discussion was attended by representatives of BRICS development institutions (VEB.RF, Banco de Desenvolvimento de Minas Gerais (BDMG), Export-Import Bank of India (EXIM Bank), Development Bank of Southern Africa (DBSA)) and BRICS commercial banks.

An extremely important result of the event was that India, assuming the BRICS presidency in 2021, supported the idea of continuing work launched by VEB.RF in 2020 on the harmonisation of the responsible financing standards of BRICS development institutions.


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