MIL OSI Translation. Region: Russian Federation –
The work is being carried out on behalf of the President of Russia.
Order dated July 14, 2021 No. 1912-r
Russia is preparing to launch a system of financing green projects and initiatives in the field of sustainable development. The order defining the goals and main directions of its functioning was signed by the Chairman of the Government Mikhail Mishustin.
Funding will come from green or adaptive financial instruments (special bonds or loans). With their help, businesses will be able to attract extra-budgetary funds on favorable terms. It is stated that green projects must comply with the goals of international documents in the field of climate and sustainable development. There are no such requirements for adaptation projects. However, they should not contradict Russia’s environmental priorities.
Among the priorities are reducing emissions of pollutants and greenhouse gases, increasing the efficiency of resource use, and energy saving. It is emphasized that the project as a whole should have a positive impact on the state of the environment.
The document also defines the directions of green financing. We are talking, in particular, about energy, construction, industry, waste management, transport, agriculture, water supply and sanitation. It is in these industries that special financial instruments will be available.
The adopted order will help form economic incentives for the transition to advanced environmental standards. As a continuation of this work, the criteria for the selection of green projects will be presented in the near future and a mechanism for their verification will be approved.
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.