An International Conference “Investment in Sustainable Development. The Role of Financial Sector” was held in Moscow. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank) acted as an organizer of the Conference.

The Conference’s participants discussed issues of changing the financial sector in the post-crisis period and the role of corporate and social responsibility in achieving a new level of responsibility, new risks for financial institutions and the role of responsible financing, financial institutions’ contribution to sustainable development and instruments for forming trust in financial institutions. As part of the Conference Vnesheconombank presented its report on sustainable development for 2010.

In his welcoming address to the Conference’s participants Board Member – Vnesheconombank Deputy Chairman Sergei Vasiliev said “The demand for “green” projects is extremely high. The country needs investments in energy efficiency, development of renewable sources of energy, secondary waste recycling and reduction in greenhouse gas emissions. So, financial institutions’ important objectives are to increase natural resources utilization efficiency, protect environment and radically improve ecological situation”. S. Vasiliev also said that “introduction of voluntary mechanisms of ecological and social responsibility into financial institutions activity should contribute to creating the so-called “green” financial system and to making significant socio-economic changes”.

For the first time during its preparations for the Conference Vnesheconombank studied for the first time practices of corporate and social responsibility among its partners in investment projects. OJSC The Moscow United Electronetwork Company, the Miratorg Agro-Industrial Holding and OJSC Avtodiesel (the Yaroslavl Engine Plant) were recognized as the best companies implementing the best socio-ecological practices.

In the attendance of the Conference were Vnesheconombank’s partners from the European Bank for Reconstruction and Development, the International Finance Corporation , the China State Development Bank, Germany’s KfW Bank, representatives of line ministries and departments, leading non-government organizations, experts on international initiatives in the field of social and ecological responsibility (the UNEP Finance Initiative, the Accountability Institute, the Global Reporting Initiative (GRI) and the UN Global Treaty.

Vnesheconombank’s Report on Sustainable Development for 2010.

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