Ministry of Economic Development of the Russian Federation
Ministry of Economic Development of the Russian Federation
Ilya Torosov: growth in demand for green bonds is steadily accelerating by 50 % per year
30 September 2020 8:34

Over the past 8 years, the total amount of investors' assets that take into account ESG factors has tripled to 40 trillion USD. The Deputy Minister Ilya Torosov told the audience of the webinar "Green Bonds in Russia – Regulation and Market Potential" about the rapid global growth of sustainable development approaches in the world. It was held as part of the first Franco-Russian forum on low-carbon industrial development, moderated by Marina Slutskaya, adviser to the Minister.

According to Ilya Torosov, the growth rate of green bond funds in the last 3 years is 50% per year, and by the end of 2020, only the total amount of the ESG bond market will reach 1 trillion US dollars. Emerging markets (excluding China) already account for more than $ 50 billion in green bonds. Russia has placed 9 local issues of green and social bonds, 2 issues of eurobonds and attracted a certain number of green loans, the Deputy Minister said.

"We see that the world is becoming greener. In accordance with the announced plans of the European Commission, EU countries plan to achieve carbon neutrality by 2050. In the future, the transition to renewable energy sources and hydrogen fuel will reduce the demand for Russian energy carriers," the Deputy Minister said.

He added that the Ministry of Economic Development has prepared a draft order on sustainable development (including green financing), the main purpose of which is to develop criteria for green projects and requirements for their verification system.  In addition, the Ministry has prepared a concept for the Russian climate project system, which is still being discussed.

"The potential for the introduction of green technologies in Russia until 2023 is estimated at 3 trillion rubles.  We are just beginning the transition to responsible financing and look forward to cooperation and exchange of international experience," Ilya Torosov shared his expectations.

Дата публикации: September 30, 2020
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