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Luxembourg Stock Exchange CEO Robert Scharfe Speaking About VEB.RF’s Efforts to Promote Green Financing: ‘Everything You Do Is Done Right’

2 december 2020 года
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With support from the Moscow Exchange, VEB.RF organised a digital conference on the present and future of green financing in Russia. The event discussed VEB.RF’s efforts to promote green financing and included speeches by VEB.RF Deputy Chairmen Aleksey Miroshnichenko and Yuriy Korsun, Moscow Exchange CEO Yury Denisov, and Luxembourg Stock Exchange CEO Robert Scharfe.

“I’m really impressed with your work,” Robert Scharfe said. “Everything you do is done right and you discuss the right things. Transparency, standardisation, taxonomy, these are what is important to create such a system.” As a reminder, the Luxembourg Stock Exchange lists 50% of the world’s sustainable (including green) debt instruments and is well ahead of its counterparts. According to Robert Scharfe, this market totalled 1 trillion US dollars in 2019.

Jean-Claude Knebeler, Head of Sustainable Development at the International and Comparative Law Research Center, noted that the fight to save our planet was global in nature. He said that promoting green financing in Russia enables investors, both Russian and international, to achieve positive outcomes for the natural environment not only in Russia but also globally. He also said that while living in Russia, he noticed that the government and the corporate sector had begun to pay much more attention to sustainable development in recent years, adding that VEB.RF’s efforts to create a green finance system in Russia were very important to channel capital into green projects.

According to Aleksey Miroshnichenko, responsible for green financing at VEB.RF, the Russian green finance system based on VEB.RF’s methodology is to be fully functional in mid-2021. In November 2020, the Government mandated that VEB.RF should act as the methodological centre for green financing and develop a methodology and taxonomy for green projects. These documents will be issued before the end of January 2021. VEB.RF released the first version of the taxonomy and recommended guidelines as early as July 2020 and invited all interested parties to send their comments about them. A total of about 600 comments came from different market participants. The received comments will be taken into account in the future versions of the methodologies, which will be submitted for review by the inter-agency working group.

VEB.RF Deputy Chairman Yuriy Korsun spoke about green projects interesting to VEB.RF. These are primarily projects related to green transport (rail transport, electric and gas-fuelled vehicles), waste disposal (Moscow Region waste-to-energy projects currently financed by VEB.RF), water purification, solar panels, hydropower, energy-efficient buildings etc. In addition, based on VEB.RF’s methodology, a pilot issue of Russian Railways perpetual bonds totalling 100 billion roubles was verified by Expert RA in September and certified by VEB.RF as compliant with the VEB.RF Guidelines.

VEB.RF Vice-President Dmitry Aksakov, who moderated the conference, noted that according to VEB.RF’s most conservative estimates, Russian companies would be able to raise 300 billion roubles from green investors in the next two or three years to modernise existing and create new production facilities.

Moscow Exchange CEO Yury Denisov spoke about the Russian exchange’s achievements in promoting green financing in Russia. “The Moscow Exchange tries to set an example for the market and consistently introduce sustainable practices,” he said. “We are working to make sure sustainability is integrated into strategic planning as well as our corporate governance and risk management.” According to Yury Denisov, the Moscow Exchange became a partner of the UN-supported Sustainable Stock Exchanges initiative in 2019 and a member of the Sustainability Working Group of the World Federation of Exchanges. “The Moscow Exchange intends to work with the government, VEB.RF and other interested parties to expand ESG integration and efforts to promote responsible investing in Russia,” he said in conclusion.


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