VEB.RF has a long-standing collaboration with the United Nations (UN) to promote sustainable, economic, and social development, and to protect the environment.

VEB.RF and the UN Global Compact

Since 2011, VEB.RF has been taking an active part in the UN Global Compact to confirm its commitment to the Ten Principles of the UN Global Compact and to support its intention to shape a stable and open global economy and contribute to the universal sustainable development. The Principles constitute an integral part of VEB.RF’s governance and business, its corporate culture and everyday life.

The Ten Principles of the UN Global Compact promote corporate social responsibility by protecting labour rights, reducing environmental pollution, eradicating corruption. The Principles are based on fundamental international instruments, including the Universal Declaration of Human Rights, the ILO Declaration on Fundamental Principles, the Rio Declaration on Environment and Development, and the United Nations Convention against Corruption.

VEB.RF progress in contributing to the UN Sustainable Development Goals 2030 and the Ten Principles of the UN Global Compact is detailed in VEB.RF’s annual Non-financial Report. Non-financial reports are designed to inform interested parties about VEB.RF’s contribution to improving socio-economic living conditions, environmental protection, and sustainable global economic development. VEB.RF collaborates with the UN Global Compact to promote sustainable development and responsible project financing.

VEB.RF and the United Nations Environment Programme Finance Initiative

VEB.RF joined the United Nations Environment Programme Finance Initiative (UNEP FI) in 2013 and became its first Russian member.

By joining the initiative, VEB.RF reaffirmed its commitment to sustainable development and responsible financing, and readiness to consider environmental and social aspects in its business and investment decision-making. UNEP FI was created in 1992 as a partnership between UNEP and the global financial sector. Today, UNEP FI works with more than 220 members - banks, insurers, and investors. European, Asian, and American banks are actively involved with UNEP FI.

VEB.RF and the United Nations Framework Convention on Climate Change

VEB.RF traditionally pays great attention to environmental aspects of investment projects. Many international platforms highlight the relevance of the green finance which has an important place in VEB.RF’s agenda.

In 2019, at the 25th UN Climate Change Conference (COP 25), VEB.RF held for the first time a session on a green approach to urban sustainability.

The United Nations Framework Convention on Climate Change (UNFCCC) was adopted in May 1992 and entered into force in March 1994. The parties to the UNFCCC are currently more than 180 countries, including Russia, taking joint action to mitigate climate change and greenhouse gas emissions. The signatory nations (Russia signed the UNFCCC in 1994) agreed to implement national climate change programmes, carry out studies and report on their findings.

The Paris Agreement is an agreement signed by 195 UNFCCC members in 2015 to regulate greenhouse gas emissions and curb the increase in global average temperature as part of efforts to reduce global warming.

VEB.RF has been a member of the International Development Finance Club (IDFC) since its inception in 2011.

IDFC members are 26 national and regional development banks with traditionally progressive views on sustainable development and the green economy. The IDFC’s primary focus is on contribution of its member development banks to mitigating climate change, their role in financing green projects and contributing towards the UN Sustainable Development Goals 2030.

The IDFC has several working groups focusing on the UN SDGs (working towards the SDGs, urban economy, green finance, gender equality, attracting private investment, migrant workers support, protecting biodiversity, enhancing cooperation etc.). VEB.RF is heading the Projects Preparation Working Group which studies activities of different development banks at early project stages, and participates in the Working Group on Implementation of Sustainable Development Goals.

Jointly with multilateral development institutions, the IDFC outlined its own green finance standards and publishes annually its Green Mapping Report. The Green Mapping Report is based on IDFC’s green projects criteria which are one of the most renowned in the world.

The Green Mapping Report is drawing public attention more and more and is becoming increasingly recognisable by the financial community. The Report highlights the key role of development banks in financing the global green economy.

The IDFC created a Climate Facility which aims at offering IDFC members advice on the green finance and adapting internal policies to factor in global trends in mitigating climate change.

VEB.RF is active in collaborating with G20 business associations contributing to various aspects of sustainable development.

Traditional areas of common interest for VEB.RF and the G20 are sustainable infrastructure, climate, and social development.

Since 2018, VEB.RF has been actively engaged in efforts of one of the main G20 workings groups: Infrastructure Working Group (IWG). The G20 IWG was established as a partnership between the G20 finance ministries and central banks to work on guidelines on infrastructure investment general principles and policies for the G20 member countries. Today, VEB.RF is actively working towards adapting IWG Quality Infrastructure Principles 2020 for Russia.

Additionally, VEB.RF is a member of the Business 20 Finance and Infrastructure Taskforce, and the Energy, Sustainability & Climate Taskforce. The B20 is preparing recommendations for G20 governments with the business community and is monitoring efficiency and progress of the G20 decisions.

In addition, VEB.RF is the author of the G20 platform for the development institutions (Development 20, D20). The D20 was created by the Russian presidency in 2013.

In 2018, the D20 was merged with the Long-Term Investors Club (LTIC) to establish the D20-LTIC platform. The D20-LTIC issues annual recommendations for G20 governments focusing mainly on long-term investment, sustainable infrastructure investment, importance of attracting private investment and other issues to ensure strong, sustainable and balanced global economic growth.

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