Developed by VEB.RF as part of the Russian Green Finance Guidelines and the Russian National Taxonomy for Green Projects, the green finance system was presented on Thursday, 12 November, at the Paris Peace Forum, which was held online in this year. This became possible due to VEB.RF’s project “Architecture of the Green Finance Market in Russia” selected by the organisers as one of 100 projects from among a total of 850 applications from 113 countries.
“Russia is a party to the Paris Agreement and intends to meet its commitments,” VEB.RF Chairman Igor Shuvalov said in his opening remarks. “Under the Environmental Protection national project, it is intended that about 3.2 trillion roubles in private funding will be raised to improve the environment and make the Russian economy greener. This can’t be done without building a fully fledged architecture for the green finance market.” According to Igor Shuvalov, VEB.RF committed to developing the architecture by engaging businesses, governmental authorities and experts to create a green finance system in Russia.
Cesare Maria Ragaglini, responsible for the international agenda of VEB.RF, said at the forum that the Russian green finance market was in its early stages. “It’s very important for VEB.RF to build up a system absolutely comprehensible and transparent to national and foreign institutions and banks, based on the sustainability principles of the United Nations, the OECD and other international organisations,” Mr Ragaglini said. “Russia has enormous potential for renewable energy and products with a low carbon footprint.”
VEB.RF released the Russian Green Finance Guidelines and the Russian National Taxonomy for Green Projects in August 2020, aiming to use them as a basis for the national green finance system. Extensive work is under way on collecting comments to improve the document in the future. The new system has already been used to certify the first green financial instrument, Russian Railways perpetual bonds totalling 1.1 billion euros.
VEB.RF Deputy Chairman Aleksey Miroshnichenko, responsible for the technical aspects of the green finance system, spoke about Russia’s considerable achievements in decarbonising its economy over the past decades. Solar power generation has increased fivefold in the last five years, while CO2 emissions have been reduced 27% in the last 30 years. “Our national system should be sensitive to local needs and consistent with local priorities,” he said. “Our product is designed primarily for businesspeople who decide to go green, and we are working to lay down principles for the issuance of green loans and bonds that will be able to help them.”
Apart from green financing, VEB.RF is also actively involved in other aspects of the sustainability agenda that are important to the international community. VEB.RF Deputy Chairperson Svetlana Yachevskaya spoke about VEB.RF’s efforts to implement the Principles for Quality Infrastructure Investment in Russia. “We’ve developed Russia’s national infrastructure project assessment and certification system,” Svetlana Yachevskaya said. “We are working to make infrastructure more attractive to investors in partnership with the World Bank, the OECD and other multilateral institutions.”
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