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VEB.RF’s Green Finance Achievements Are Presented at Nevsky Ecological Congress

28 may 2021 года
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VEB.RF’s First Deputy Chairman and Member of the Board Aleksey Miroshnichenko presented on Thursday the outcomes of VEB.RF’s one-and-a-half-year efforts in sustainable finance at the 9th Nevsky International Ecological Congress held on 28-29 May at the Tavrichesky Palace. He introduced a new version of green finance system developed by a task force chaired by the Ministry of Economic Development to develop the green finance market in Russia. The main changes in the recent months relate to the division of the taxonomy for environmental projects into green and adaptational parts. The second part includes projects still not eligible to be recognised as green in accordance with international standards but having substantial environmental potential and thus being subject to support.

“We tried to make the green finance system easy to understand by the Russian and global community and win their support,” Aleksey Miroshnichenko said. “The development process was unprecedentedly transparent for such type of documents: we received more than 600 comments via our public email and a detailed assessment by representatives of global sustainability organisations (CBI, ICMA, IDFC). We expect that the Russian system will be internationally recognised along with the European taxonomy and methodologies developed by ASEAN and other countries and regions. Anyway, we will use our best endeavours because foreign markets demonstrate high demand for green instruments, and Russian companies should be able to meet such demand having obtained all the required national certifications.”

Aleksey Miroshnichenko added that a pillar of the system are measures of government support for the green debt market being developed by the Ministry of Economic Development and other ministries. “One of the objectives of the taxonomy is to specify areas eligible for government support thus contributing significantly to the development of Russia’s economy,” he said. “Division into green and adaptational parts shows that our first priority is to take into account the real needs of our country and to gradually modernise outdated facilities without jeopardising jobs and regional budgets.”

The conference participants included Deputy Minister of Economic Development Ilya Torosov, Chairman of the Federation Council Committee for Agricultural and Food Policy and Environmental Management Aleksei Mayorov, First Deputy Minister of Natural Resources and Environment of the Russian Federation Konstantin Tsyganov, First Deputy Governor of the Bank of Russia Sergei Shvetsov, CEO of Climate Bond Initiative Sean Kidney and others. “Today the world is facing the global environmental crisis and we should prevent the catastrophe,” Mr Kidney said. “The frequency of fires in Siberia has increased, wheat growing areas are shifting, and the heat above 30 degrees lasts for weeks. All these factors motivate us to reach political decisions.”

“We won’t be able to fundamentally change the situation unless every citizen of the Earth is involved in the ESG process,” Sergei Shvetsov said. “The climate and atmosphere are the only things we have in common. The governments are incapable of introducing the required changes until the behavioural patterns are changed. Our task is to provide tools so that people choose to materially support improvements to the environment. Business should also boost the ESG investment. The structure of Russia’s economy doesn’t meet environmental needs yet. Business should undergo a radical transformation which requires substantial funding.”


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