“Reducing or adapting emissions”: experts discussed climate business strategies of the largest companies in Russia

The impact of climate change on the economy, the development of national carbon units, climate business strategies, investments and industry projects were discussed last week in Moscow at the expert session “Climate Economics. New Markets” as part of the annual Climate Dialogues forum.

Opening the session, Svetlana Bik, head of the expert-analytical platform “Infrastructure and Finance for Sustainable Development”, outlined the main directions in the discussion. According to her, “there has long been a discussion on the expert agenda regarding the reduction or adaptation of emissions; whatever approach is chosen, society needs to create tools, including financial ones, to solve these problems.”

Elizaveta Medina, Deputy Head of the Corporate Relations Department of the Corporate Relations Department of the Bank of Russia, assessed the results of monitoring Russian companies based on non-financial indicators. “Climate is currently the focus of the financial regulator (Bank of Russia), as it has a direct impact on how companies will strategically demonstrate their financial sustainability,” Medina noted. Recommendations for companies on sustainable development strategies are currently being prepared.

According to the Bank of Russia, 77% of companies that disclosed information take into account the UN sustainable development goals in strategic planning. Many of them are creating climate development programs and focusing on ESG principles.

When talking about climate economics and new markets, it is necessary to focus on climate change. Ekaterina Salugina-Sorokovaya, First Vice President of Gazprombank, believes that the development of carbon markets requires high-quality climate projects, with a thoughtful and well-developed methodology that meets high international standards.

A new investment tool is “green certificates”. According to the representative of Sovcombank PJSC Mikhail Avtukhov, the volume of “green” financing ranges from 2.5 trillion to 3 trillion rubles.

During the session, an exchange of experience took place among the constituent entities of the Russian Federation. Milena Milich, Special Representative of the Governor for Climate and Sustainable Development of the Sakhalin Region, and Boris Peychev, Head of the Competition Development Department of the Department of Economic Development of the Khanty-Mansiysk Autonomous Okrug – Ugra, presented adaptation plans and climate projects in the regions.