VEB.Of the Russian Federation, the Ministry of economy and the Central Bank has prepared a recommendation for green financing and description of projects that can receive it. The emergence of a national standard not only runs the Russian market concessional financing environmentally oriented projects, but also opens up Russian players potential access to the international market for green bonds, the amount of which in 2020 is estimated at $350 billion. However, some national standard, international investors are not considered to be environmentally friendly, which can complicate fundraising.Methodological recommendations for green financing, published on the web.Russia, in fact, the national standard in this area to outline for companies and banks what green projects and financial instruments, and to define the architecture of a national system of such financing. Projects that have a positive influence on the environment, will be able to get from the market, state and development institutions concessional financing, explain in the Corporation. “The standard we will issue preferential loans and contribute to the production of green financial instruments. In the future we expect to add to this and other preferential modes”,— explained “Kommersant” responsible for the development of standards, the Deputy head of VEB.Of the Russian Federation Alexey Miroshnichenko. The share of VEB’s participation in ecological projects in the framework of preferential tranche A “factory of project financing” (provided by bonds issued by the separate structure of VEB) will reach 40%, and the Ministry is considering the possibility of subsidizing the interest rates on the coupon.The green standard will include projects to improve the environment, reduce emissions and discharges of pollutants and greenhouse gases, energy saving and increase of efficiency of use of natural resources, economic adaptation to climate change with tangible environmental benefits is “long — term and significant positive impact on the climate and the environment” (as determined by the proponent and confirmed by the verifier and is described in detail in documents of the issue and the business plan).Although the developers of the standard call it as close as possible to international requirements, national characteristics can become an obstacle for the projects of the Russian Federation to the international market. But VEB insist between the world’s standards, green financing, too, there are differences due to the needs of particular countries or regions during their development. “Ecological problems of Russia-specific, they differ from the problems of other countries, so different and our recommendations,” says Mr. Miroshnichenko. Thus, the Russian taxonomy allows to the green Finance projects of transfer of boiler-houses with��La gas and energy from incineration of waste that is not allowed by taxonomy of the EU.Head of risk assessment group sustainable development of ACRE Maxim Hudalov confirms that these projects are in the taxonomy of the EU do not refer to green, and the transition corresponding to the principles of sustainable funding. They are more difficult and expensive to verify, and the market for such bonds is negligible (see chart). “This complicates the access to international markets, but is not a huge problem,” he said. Meanwhile, in the present time the European Commission updates the standards for green bonds: by 2021, they must be “clearly defined acceptable assets and projects.”In China, the second after USA in the world on volume of release of green bonds, a significant portion is produced according to international, not Chinese standards, preventing to accommodate on foreign exchanges, and the standards are improving. “The elimination of “clean coal” from the latest edition of the national taxonomy of 2019 was intended to bring the standard of China international,”— said the head of a consulting company SynTao Green Finance, Pauanui. Recent amendments 2020 is excluded from the green projects and the extraction and use of natural gas.IN THE WEB.Russia say they are ready to improve the national standard and beyond and are already taking suggestions from the market. “From my conversations with potential investors, I can say that they are ready to seriously consider investing in green bonds of Russian issuers, even if the whole is not prone to cooperation with Russian”,— said the Director of the developer of one of the most famous international green standards Climate Bond Initiative Sean Kidney.Alexey Shapovalov
