Photo: Yastrmbjenskii Sergey/GeoPhoto.ru
Green Projects Eligibility Criteria Okayed by Government
The criteria to define eligibility of green projects for green funding were approved by the Russian Government. On 23 September, the Government passed a decree providing for specific parameters to be met by projects to receive funding through green bonds or green loans. The document is expected to play a role in launching a comprehensive green funding mechanism in the near future -- a matter of utmost importance to the Russian Arctic.
In Russia, such projects are classed as either green or adaptive ones. Green ones are expected to comply with the international standards and requirements in terms of climate and sustainable development, while adaptive (or transition) projects are those failing to conform to such standards yet whose implementation can be environmentally beneficial. “We would like to be able to manage and support them separately from the green ones so as European and American investors avoid risks of purchasing the Russian green instruments that do not meet the respective EU and US requirements”, explained Alexander Kirevnin, an Economy Ministry official.
Green projects can be launched in such sectors as waste management, energy, construction, industry, transport, water supply, agriculture, and biodiversity and conservation, while adaptive ones are implementable in infrastructure, energy, industry, transport and agricultural sectors.
A set of specific quality and quantity criteria has been developed for each sector. For instance, under these criteria, biodegradable products should not generate microplastic pollution, while new street lighting systems are expected to consume 20% less electricity than other comparable ones in the market.
The requirements and regulations for a verification system for sustainable development projects have also been approved, including a procedure for project evaluation, as well as criteria to be met by verifying companies.
In Russia, such projects are classed as either green or adaptive ones. Green ones are expected to comply with the international standards and requirements in terms of climate and sustainable development, while adaptive (or transition) projects are those failing to conform to such standards yet whose implementation can be environmentally beneficial. “We would like to be able to manage and support them separately from the green ones so as European and American investors avoid risks of purchasing the Russian green instruments that do not meet the respective EU and US requirements”, explained Alexander Kirevnin, an Economy Ministry official.
Green projects can be launched in such sectors as waste management, energy, construction, industry, transport, water supply, agriculture, and biodiversity and conservation, while adaptive ones are implementable in infrastructure, energy, industry, transport and agricultural sectors.
A set of specific quality and quantity criteria has been developed for each sector. For instance, under these criteria, biodegradable products should not generate microplastic pollution, while new street lighting systems are expected to consume 20% less electricity than other comparable ones in the market.
The requirements and regulations for a verification system for sustainable development projects have also been approved, including a procedure for project evaluation, as well as criteria to be met by verifying companies.
24 September 2021
