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Deputy Minister of economic development Ilya Torosov has spoken about the development of a national taxonomy of sustainable finance at the "Business Russia" conference on the use of voluntary projects in Russian climate policy. The conference was supported by Russian Presidential adviser Ruslan Edelgeriev and brought together key experts.
As the coordinating body for investment in sustainable development the Russian Ministry of Economic Development will form a new working group on green finance by the end of the year.
"The priority task of this group will be the Russian taxonomy that should determine which projects are green, environmental and climate. When forming this taxonomy, the best world practices will be taken into account, primarily the EU experience, reputable international organizations and investor associations," Ilya Torosov said.
Climate projects will also be considered from the perspective of sustainable development projects. The legal basis for their implementation will be laid by the Federal law "On limiting greenhouse gas emissions", a draft of which was prepared by the Ministry of Economic Development.
The adoption of the draft law and the use of green finance tools will complete the creation of a framework for climate regulation in Russia. It will help stimulate the diversification of the Russian economy, improve environmental friendliness and energy efficiency of production, achieve sustainable development goals, and increase the investment attractiveness of Russian businesses.
The Ministry of Economic Development of Russia has been granted the status of coordinating body for green projects and green investments by Government order No. 3024-R dated 18.11.2020. VEB.RF has been appointed the methodological center.