The Russian Central Bank is considering the promotion of green bonds, said Andrei Yakushin, Head of the Directorate of Corporate Investment Management and Information Disclosure at the Department for Market Access, during the conference, Responsible Financial and Investment Practices in Russia, by the Vedomosti business daily.
According to Yakushin, Bank of Russia is still interested in green investment.
“Global climate change affects financial stability. Physical risks related to natural disasters are becoming more likely. This, in turn, makes insurance products more expensive. Against this backdrop, green investment is becoming more important for economic sustainability,” the expert said.
He added that the European central banks are currently paying a great deal of attention to green investment. Bank of Russia also plans to publish an analysis of risks posed by global warming to financial stability.
The expert noted that it is still being discussed which industries should be considered green. He added that in the West, companies consider green investment as a tool to strengthen their competitive advantage. Russia plans to develop standards for green investment.
“Companies that issue green bonds will have to list their ‘green projects’ and ensure their compliance with international standards. Then they will have to report on these bonds,” Yakushin concluded.