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 green@veb.ru.

First Deputy Chairman of VEB.RF and Member of the Management Board:
“The Russian Green Finance Guidelines will lay the groundwork for a respective Russian national market. We expect that this sector will ensure a higher rate of economic growth, and investors in green projects will be able to count on premium from the market and the government, in the future. Russian citizens will benefit from high performance jobs and enabling environment for themselves and their children.”

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:

  1. Taxonomy for Green Projects
  2. Taxonomy for Adaptational Projects
  3. 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

Verifier
Website
Date of inclusion
1
Analytical Credit Rating Agency
08.02.2022
2
Expert RA
08.02.2022
3
National Rating Agency
08.02.2022
4
National Credit Ratings
08.02.2022
5
FBK, LLC
08.02.2022

Bonds verified as compliant with the National Green Guidelines

Green Bonds

Issuer
Verifier
Purpose
Rating
Volume
Atomenergoprom
Expert RA
Financing 5 wind turbine projects with total capacity of 660 MW
BBB Stable (Fitch)
10 billion Roubles ($141,5 million)
Russian Railways
Expert RA
Purchase of electric trains, financing the electrification of railroad tracks
BBB- Stable (S&P Global Ratings)
100 billion Roubles ($1,4 billion)
Government of Moscow
Expert RA
Purchase of ground electric transportation vehicles and creation of infrastructure for them
BBB- Stable (S&P Global Ratings)
70 billion Rubles ($990 million)
Sinara Transport Machines
ACRA
Purchase of passenger and freight electric trains
А (RU) (ACRA)
10 billion Rubles ($141,5 million)
KAMAZ
Expert RA
Construction of electric public buses
A+(RU) (ACRA)
2 billion Rubles
Sberbank
ACRA
Loans for construction of renewable energy facilities
BBB (Fitch)
25 billion Rubles
Ecoline-Vtorplast
NRA
Construction of plastic waste processing facility
-
2 billion Rubles

Adaptational Bonds

Issuer
Verifier
Purpose
Rating
Volume
Ink-Capital
Expert RA
Refinancing of costs incurred in relation to the adaptation Project for the use of associated petroleum gas and stripped dry gas, including injections into a productive reservoir
-
5 billion Rubles

Loans verified as compliant with the National Green Guidelines

Green Loans

Borrower
Verifier
Purpose
Volume
“AGC-1” LLC
ACRA
The Borrower will use 100% of the proceeds fr om the loan to implement the aforementioned four projects — plants for recovering energy from MSW in the Moscow Region with a combined capacity of 2,800 tons of MSW and 280 MW of electricity (taking into account consumption for own needs).
110 billion Roubles

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