GREEN FINANCE: MAKE MONEY OR PRESERVE NATURE?

Green Lounge

Languages: Russian, English

Moderator:

Antonina Levashenko, Head of Russia-OECD Centre RANEPA

Panellists:

Alexander Lebedev, Chairman of the Board of Directors, National Reserve Corporation

Alexey Miroshnichenko, Deputy Chairman — Member of the Board, VEB.RF

Denis Shulakov, First Vice President, Gazprombank

Robert Youngman, Chief Analyst, Green Finance and Investment, OECD Environment Directorate

Sustainable finance set a new record in 2019, reaching $465 billion worldwide. The market continued to grow in 2020, including the green bonds market, which is now valued at $250 billion, representing 3.5% of the global bonds market. Russia is currently working on setting up a system to regulate sustainable finance, the Government having passed the respective resolution in November 2020. However, international experts question whether “green” finance is actually addressing the society’s social and environmental problems For example, a study by the Bank for International Settlements (BIS) shows that corporations tend to have minimal changes in harmful emissions after issuing green bonds, if any.

Issues for discussion:
• Will the Russian standard on sustainable finance give a boost to the market?
• How can we ensure a positive impact on society from sustainable finance?
• Is being “green” enough to be sustainable?
• How do green bonds affect the climate?