A GREEN ECONOMY
Oleg Belozerov, Chief Executive Officer – Chairman of the Executive Board, Russian Railways
VEB.RF is developing the nation’s first green financing recommendation system, aimed at raising funds for the new sustainable projects and modernization of the existing facilities.
In the recent years, the need to create a mature green finance market has become critical. First, a clear public demand for pure air, water, forests and the urban environment, absence of landfills and waste processing, has emerged. Second, the EU countries all of which are Russia's main trading partners, external carbon regulations which, within the next 10 years, may make Russian products non-complying with the European green standards uncompetitive, are being introduced. Third, Russia has signed Paris Climate Agreement under which it has entered into a commitment to reduce emissions. Responding to the above requests, VEB.RF, working in cooperation with the ministries, departments, scientific, expert and business communities, has developed the first version of the Methodological Recommendations on Green Finance and the of Green Projects Taxonomy. It was presented for wide public discussion, and gained approximately two hundred comments, which were taken into account by the working group.
VEB.RF will present the second version of the recommendations soon. Upon its approval by the interdepartmental working group under the auspices of the Ministry of Economic Development, governmental support measures will possibly be added to the green projects supporting tools that are already being provided by our bank.