State Development Corporation VEB.RF’s principal objective is to be a driver of economic growth in Russia and to improve quality of life. We are convinced that this objective is unattainable without considering environmental aspects of each and every business project. The environment is the common heritage of the humankind. Today, the spotlight is on the green economy which may become a growth driver and create hundreds of thousands of jobs. VEB.RF is developing the national green finance system in collaboration with ministries, the Bank of Russia, and the expert and business communities. The system will enable Russian companies to obtain loans for green projects on favourable terms.
Ordinance of the Russian Government No. 3024-r of 18 November 2020 gave formal approval to VEB.RF’s status as the methodological centre responsible for promoting sustainable financial instruments. In its new capacity, VEB.RF established a green finance framework by developing the Taxonomy for Green Projects and the Russian Green Finance Guidelines (the criteria for sustainable development projects, the requirements applicable to the verification of projects) which were approved by Resolution of the Russian Government No. 1587 of 21 September 2021. The Taxonomy and the Guidelines take account of the national priorities and international best practices (ICMA, CBI, IDFC, and the EU).
Please send your feedback on the national green finance system to firstname.lastname@example.org.
Russian National Green Finance System
The Russian National Green Finance Methodology (Green Taxonomy and Green Finance Standard) provides a comprehensive definition for green bonds and loans for the Russian market. Its development by VEB.RF and the Ministry of Economic Development of the Russian Federation has commenced in March 2020. It was extensively reviewed by leading international and Russian experts, companies, financial institutions, ministries and the Bank of Russia. In May 2021 it was submitted to the Russian Government and it was officially signed into effect through the Government Resolution No. 1587 of 21 September 2021.
The National Green Finance Methodology includes the following key elements:
- Taxonomy for Green Projects
- Taxonomy for Adaptational Projects
- Green Finance Standard – provides answers to the following key questions:
-What are the requirements for sustainable finance instruments?-What are the requirements for verifiers of sustainable finance instruments and how are the verifiers approved?-What should the verification process look like?
During the UN Climate Change Conference 2021, the taxonomy developed by VEB.RF was endorsed by renown international green finance methodological center Climate Bond Initiative and its head Sean Kidney, who recognized it as corresponding to the best international practices.
List of verifiers approved by VEB.RF
Bonds verified as compliant with the National Green Guidelines
Loans verified as compliant with the National Green Guidelines