Russia is preparing to launch a system of funding green projects and initiatives in the field of sustainable development. The order outlining the goals and main areas of its functioning was signed by the Chairman of the Government Mikhail Mishustin.
Funding will be provided by green or adaptation financial instruments (special bonds or loans). With them, businesses will be able to attract extra-budgetary funds on favorable terms. It is prescribed that the green projects should comply with the objectives of international instruments regarding climate and sustainable development. No such requirements are imposed on adaptation projects. However, they must not contradict Russian priorities in the environmental sphere.
Among the priorities are reduction of emissions of pollutants and greenhouse gases, increase in efficiency of resource use, and energy conservation. It is emphasized that the project as a whole should have a positive impact on the environment.
The document also defines the areas of green financing. In particular, it concerns energy, construction, industry, waste management, transport, agriculture, water supply and wastewater disposal. It is in these sectors that special financial instruments will be available.
The approved decree will help provide economic incentives for the transition to advanced environmental standards. Following this work, in the near future the criteria for selecting green projects will be presented and the mechanism of their verification will be approved.
