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VEB.RF Receives Government Approval as Methodological Centre for Green Financing

23 november 2020 года
#News
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Ordinance of the Government of the Russian Federation No. 3024-r gave formal approval to VEB.RF’s status as “the methodological centre responsible for promoting investment in sustainable (including green) development and attracting private investment in development projects in the Russian Federation”. VEB.RF’s functions include:

  • providing methodological support for developing and promoting investment in sustainable (including green) development and attracting private investment in this area;
  • submitting proposals to develop and regularly update the criteria for sustainable development projects, the requirements applicable to the verification of sustainable development projects, and the approaches used to assess the impact of sustainable development projects on the environment and climate;
  • informing international organisations about financing for sustainable development projects;
  • cooperating with international organisations in financing for sustainable development projects.

“Our goal is to set up an accessible mechanism that Russian green projects can use to get noticed by Russian and foreign sustainable investors and consequently get more investment at a better price,” said VEB.RF Deputy Chairman Aleksey Miroshnichenko, responsible for the green finance methodology. “VEB.RF has already drafted a green taxonomy, which has already been used to certify the first bond issue, and we are grateful to the Government for confidence in us and for the opportunity to develop a national methodology based on our experience.”

VEB.RF was also mandated by the Government to “formulate and submit within two months […] proposals for the goals and main areas of sustainable (including green) development, the criteria for sustainable development projects, the requirements applicable to the verification of sustainable development projects, and the approaches used to assess the impact of sustainable development projects on the environment and climate” and “ensure compliance with the approved requirements applicable to the verification of sustainable development projects, […] the selection of verifiers, and the maintaining of a list of verifiers and verified sustainable development projects”.

According to Aleksey Miroshnichenko, VEB.RF is working to make it possible for the methodology to select projects aimed at achieving standard economic goals with much lower environmental impacts. “For example, by enhancing energy efficiency and making wide use of recycled materials,” he said. “Such projects generally need more capex in the investment phase, and sustainable investors can use the green finance mechanism to pay some associated financing costs.”

The Russian Ministry of Economic Development will be responsible for coordinating the process of creating the green finance system. The ministry was instructed to form and lead an inter-agency working group with representatives of federal executive authorities, the Bank of Russia, development institutions, and the business and professional communities. The working group is to establish the criteria for sustainable development projects, set the requirements for the verification of sustainable development projects and prepare a road map for developing and introducing incentive measures.

“The coronavirus pandemic made the whole world rethink the concept of sustainable development,” Russian Economic Development Minister Maxim Reshetnikov commented. “Most leading countries, primarily the European Union, focus their efforts on ESG-based economic recovery. We see the world becoming greener. The document approved by the Government will bring added impetus to economic development and contribute to the more efficient use of new technologies in Russia. The introduction of sustainability principles as well as green finance market standards is a priority for the development of the financial system.”


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