Cesare Ragaglini Tells EC Representatives and Businessmen About the Development of Green Economy in Russia

18 june 2020 года
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On 18 June VEB.RF’s Deputy Chairman Cesare Ragaglini participated as a speaker in a round table discussion ‘European Green Deal and the EU’s Recovery Strategy: What Do They Mean for Russia?’ organised by the EU Representative Office in Russia.

Cesare Ragaglini said that the European Union and Russia had always been close and reliable partners. “Undoubtedly, the European Green Deal aimed at full decarbonisation of Europe by 2050 will also have important consequences for Russia. Russia’s and EU’s economies are interdependent, especially in the energy field, and it would be wrong trying to diminish or eliminate such interdependence, since it can adversely affect the stability in the region,” he emphasised. According to Mr. Ragaglini, strategic dialogue between Europe and Russia may include a new important area, promoting clean renewable energy, which implies good prospects for financial and technological dialogue.

Cesare Ragaglini additionally noted that businesses both in European countries and in Russia are becoming increasingly aware that investments in sustainability not only have a positive impact on the environment, but may also generate high income.   Green financial instruments, especially bonds, become the main driver of the green project development agenda. In Russia, the green market is only just emerging, and it is VEB.RF which is preparing, in collaboration with public authorities, businesses and export community, Russian methodological recommendations for green projects based on the globally accepted standards. This methodology will help to develop the green market pattern in Russia and lay the groundwork for implementing environmental projects including by additional domestic and international fundraising.

Cesare Ragaglini also noted that in 2019 Russia had ratified the Paris Agreement, thus assuming obligations to tackle climate change. “However, climate change is global in scale and cannot be prevented by local efforts. It is essential that global endeavours be coordinated. The green financial market may become a key driver of the process, as long as all participants have access to it,” he said. According to Mr. Ragaglini, a dialogue on climate change must bring together all parties rather than dividing them. “Despite all political complications, coordinated action against climate change should continue,” he stressed.

Deputy Director-General in the Directorate-General for Climate Action Clara de la Torre, Deputy Head of Delegation of the European Commission to Russia Aleska Simkic, General Director of Rusal Evgeny Nikitin, President of Schneider Electric and Chairman of the AEB in Russia Johan Vanderplaetse, and Director of the Climate and Energy Programme at WWF Russia Alexey Kokorin also participated in the discussion. All the round table participants emphasised the necessity to support sustainable green development including more environmentally friendly manufacturing processes, reducing environmental pollution, developing clean transport and clean energy, improving waste management quality, developing more sustainable practices in agriculture, and preserving biodiversity of forests, the Northern Landscape and aquatic resources.

The European Green Deal is a strategic initiative adopted in December 2019 by the European Commission and involving zero-carbon energy sources and zero greenhouse gas emissions in the region by 2050. The implementation of this strategy requires EUR1tn of public and private investment in the coming ten years.

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VEB.RF’s Top Managers Share Insights on Sustainable Development with the UN Global Compact Leaders’ Summit

17 june 2020 года
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On 16 June 2020, VEB.RF Deputy Chairmen Cesare Ragaglini and Alexey Miroshnichenko shared VEB.RF's successful efforts in promoting sustainable development agenda and developing a green finance system in Russia with large Russian and international businesses, expert and academic communities during the UN Global Compact Leaders’ Summit.

“Today, all the countries in the world focus their policies on measures to support economic growth after the crisis. VEB.RF, as the national development institution, directs a high proportion of its efforts to develop an especially promising investment market in Russia: the green finance and sustainable projects. We are developing national green financing guidelines and creating incentives to expand access to debt financing for Russian green projects,” Alexey Miroshnichenko said.

Cesare Ragaglini mentioned that Russia ratified the Paris Agreement and made a commitment to reduce its emissions. The commitments were incorporated to the Russian national strategy. “Russia needs 4 trillion roubles to complete the Environmental Protection national project, including 3.2 trillion from private investors. This is exactly why VEB.RF is developing the architecture of the Russian green finance system together with ministries, business and expert communities,” he said. Cesare Ragaglini additionally noted that we shall not forget the global nature of the climate change and that a close international cooperation at all levels is the only way to tackle this challenge.

VEB.RF’s representatives also noted that VEB.RF’s system of guidelines is developed as part of the international green finance system and is fully compliant with international requirements to assist Russian issuers in accessing international markets. Russia intends to approve its national green finance guidelines before the end of this year. A high proportion of VEB.RF’s portfolio is already compliant with IDFC’s requirements towards the green finance. The integration of the guidelines into VEB.RF’s lending mechanism will bring more green finance projects to its portfolio.

The UN Global Compact is the largest UN’s sustainable development and corporate social responsibility initiative established in 1992. More than 12 thousand organisation from 160 countries joined the Global Compact. The initiative is represented in Russia by the Global Compact Network Association. VEB.RF has been taking an active part in the Association for more than nine years. The discussion with VEB.RF’s representatives was moderated by Aleksandr Plakida, Chair of the Steering Committee of the Global Compact Network Association.

The participants also heard the statements on Russian sustainable development agenda by Natalya Stapran, Head of Multilateral Economic Cooperation and Special Projects Department, Ministry of Economic Development; Gregory Barker, Executive Chairman of the Board of Directors, En+ Group; Andrey Guryev, CEO, Fosagro; Daria Grigoryeva, Head of Sustainable Development, Polyus; Natalya Poppel, Head of Corporate Social Responsibility and Brand Department, Severstal; Sergey Chestnoy, Sustainable Development Advisor, RUSAL; Daria Goncharova, Sustainable Development Director, Polymetal; Natalya Dorpeko, Corporate Advisor to CEO, Tatneft, and other experts.

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