ESG cooperation in the future will ensure the creation of new industries and national champions
This was announced by the chairman of VEB.RF Igor Shuvalov following the signing of a memorandum between the state corporation and the BEAC in the field of ESG risk analysis. “Our alliance with BEAC creates a powerful foundation for the ESG transformation of the Russian banking sector, which, in turn, will create a financial basis for the Russian economy to enter the trajectory of low-carbon development,” Shuvalov said. The concept of a green economy, which today is perceived by some as a kind of limitation, in fact, opens up new prospects for the economy. “Low-carbon development opens up an opportunity for creating new industries and growing companies-national champions, globally for creating a competitive carbon-neutral economy,” said the chairman of VEB.RF.
VEB, together with commercial banks, is carrying out major projects in industry and infrastructure that directly affect the quality of life of people in cities and regions of Russia: this is the construction of new ports and airports, roads, and interchanges (transport accessibility and safety), the emergence of modern environmentally friendly factories ( availability of goods and services), development of domestic tourism and the hospitality industry (new jobs and opportunities for recreation). ESG approaches just assume that each of the projects that a particular company implements will be a plus not only for the company itself but also for society/ecology, etc.
VEB.RF and BEAC agreed on interaction in the field of ESG risks within the framework of the XVIII International Banking Forum “Banks of Russia – XXI Century”, having signed a corresponding memorandum. According to this document, BEAC will provide VEB.RF with ESG information standards so that the state corporation can use them in relation to its potential and current clients. The BEAC also pledged to provide access to its two future platforms for ESG company ratings and carbon footprint assessments. The memorandum also includes an ESG-independent environmental review of the state corporation’s transactions and training of its employees to analyze ESG risks.
Sustainable development issues today are not just a tribute to fashion, but an urgent need, emphasized SBER Senior Vice President Jangir Dzhangirov: “SBER already has a large knowledge base in ESG scoring and continues to build up expertise in this area. As part of this memorandum, we will exchange relevant information with the country’s largest development institution, and provide VEB.RF with access to our digital ESG platforms. “
According to Aleksey Miroshnichenko, First Deputy Chairman – Member of the Management Board of VEB.RF, the state corporation strives to use the most advanced approaches in its work. Many of them appear on the domestic market. “The ESG disclosure standards created by Uber, the system for assessing borrowers in terms of ESG factors and an analytical model for assessing the carbon footprint will help make our lending process more transparent, efficient and will contribute to the formation of a full-fledged ESG financing market in Russia, ” Miroshnichenko said.
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