During the 18th International Banking Forum “Banks of Russia: 21st Century”, VEB.RF and Sber signed a memorandum of cooperation. The document was signed on behalf of VEB.RF by its First Deputy Chairman and Member of the Management Board Aleksey Miroshnichenko and on behalf of Sberbank by its Senior Vice-President Dzhangir Dzhangirov. The memorandum outlines cooperation between the institutions in analysing Environmental, Social, and Governance (ESG) risks.
The parties agreed that Sber would provide VEB.RF with ESG information standards that could be applied to VEB.RF’s existent and potential customers. The bank also intends to enable VEB.RF to have access to two of its in-house digital platforms—ESG ratings of Russian companies and carbon footprint assessment—currently under development by Sber. Additionally, the memorandum encompasses areas of cooperation such as ESG stress testing for the VEB.RF lending portfolio, independent environmental due diligence for VEB.RF transactions, and training for VEB.RF employees in ESG risk analysis.
Aleksey Miroshnichenko
First Deputy Chairman and Member of the Management Board, VEB.RF
As the national methodological centre for sustainable financial instruments, VEB.RF strives to use best practices, and it’s good to see many of them come into existence in the domestic market. Sber’s ESG disclosure standards, ESG-based borrower evaluation system and carbon footprint assessment model will help to make our lending process more transparent and efficient and will contribute to developing a fully fledged ESG financing market in Russia. Regulators and the Government would like to see that the banking community is more independent in devising its own regulatory mechanisms, and this is an excellent example of how a high-quality product is well positioned to become an industry standard.
Dzhangir Dzhangirov
Senior Vice-President, Sberbank
Sustainability is more than a vogue term today; it’s a vital necessity. Sber has already built a considerable knowledge base for ESG scoring, and we continue to develop expertise in this area. Under the memorandum, we’ll share up-to-date information with the country’s largest development institution and provide VEB.RF with access to our ESG digital platforms. We will also help VEB.RF to assess ESG risks of its customers.
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