social taxonomy may be approved by the end of the year – Kommersant
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The taxonomy of social projects – the national standard for social financial instruments, which VEB.RF developed jointly with the Ministry of Economy – may be approved before the end of 2023. About this at business breakfastorganized by the Kommersant Publishing House, said Anastasia Tsumerova, director of methodology for financing sustainable development of VEB.RF.
“The document has been being developed since 2021. Due to certain issues, development was not at a very active stage. Now the document is in the government apparatus, it is being reviewed by lawyers. We expect that it will be approved by the end of this year,” said Ms. Tsumerova.
According to her, the development of this document was based on the standards of the International Capital Markets Association (ICMA), and discussions were also held with market participants, in particular with companies participating in the ESG Alliance, the largest banks and credit rating agencies. The main purpose of a social taxonomy is to identify what can be considered social projects and attract investment in them, helping to solve public problems. The taxonomy is focused on the following areas: healthcare, education, employment, entrepreneurship support, sports, culture, tourism.
As for the criteria, projects that are implemented in accordance with the directions of the taxonomy must be implemented in the interests of such categories of citizens as the poor, the unemployed, the disabled, orphans and others.
Social taxonomies are developed in many ways along the lines of green taxonomies. The latter are already widespread in the world. According to the Climate Bonds Initiative (CBI) 2022, more than 30 countries have already adopted a taxonomy of green projects, but only a few can boast a published draft social taxonomy. In Russia, the national taxonomy in the field of “green finance” was officially accepted by government decree in September 2021. In November 2020, VEB.RF became a national methodological center in this area.
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