The government supported the proposals of the Ministry of Economic Development of Russia on the ranking of green projects. The areas of the taxonomy of green projects and the taxonomy of adaptation projects are grouped according to the degree of their impact on achieving the goal of carbon neutrality in different sectors of the economy.
In 2023, the Bank of Russia developed incentive measures that allowed banks to apply reduced risk weights when financing projects important for the Russian Federation to achieve technological sovereignty and structural adaptation of the economy. Thanks to this, banks were able to finance a larger number of projects, the total cost of which amounted to about 5.4 trillion rubles.
In the updated Climate Doctrine approved by the President Vladimir Putin, the task was set to achieve Russia's carbon neutrality by 2060. One of the main objectives of Russia's climate policy is to create regulatory and economic mechanisms for the implementation of measures to reduce and prevent greenhouse gas emissions within the framework of the international obligations of the Russian Federation. A measure to help achieve this goal is the Bank of Russia's incentive regulation for green and adaptation projects.
"The Government decree highlights the areas of the taxonomy of green and adaptation projects that have a more significant impact on achieving carbon neutrality. Stimulating regulatory measures developed by the Bank of Russia will be applied for them, which will allow Russian credit institutions to lend to a larger number of green projects with a more rational use of bank capital," commented the First Deputy Minister of Economic Development. Maxim Kolesnikov.
The resolution also corrects the concept of an "adaptation project", replacing it with a "transitional project", which will help avoid legal uncertainty and confusion of concepts with comparable projects in terms of measures to create affordable finances for investment projects of the Bank of Russia.
