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RUSSIAN FINANCE IN THE LOW-CARBON WORLD:


ON THE BRINK OF CHANGE

,
Julia Polonskaya,
Sustainable
Finance
, Coordinator, WWF Russia
(WWF)

Programme

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In the face of the global climate change and


increasing understanding of responsibility of people
and business for the future of our planet and
environment, adoption of the international voluntary
sustainability standards and green policy will
allow Russian financial institutions to bring their
investment practices to a new level and ensure own
competitiveness in the changing world.. Among them
Equator Principles play crucial role for the
improvement of Project Financing.

The Scene and Carbon Challenge for Russia


2020 40%
2007 (
04.06.2008 889),

20-25% 1990

(
)
4,5%

Russia has committed itself to raising energy


efficiency of GDP by 40% by 2020 from 2007
level (Presidential Decree 889 04.06.2008),
with corresponding 2020 targets of reducing
the GHG emissions by 20-25% from 1990
level and increasing the share of renewable
energy (excluding hydropower) in the
national power mix from less than 1% at
present to 4,5%.


However, there is a wide gap between these
targets and trends in the domestic capital
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INTERNATIONAL AND RUSSIAN PROJECT FINANCE
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markets, the participants of which are reluctant


to switch from financing 'business as usual'
carbon-intensive activities of their clients to
providing funding to eco-friendly projects
aimed, first of all, at energy saving and
renewable energy sources.

According to International Energy Agency,


Russia takes 10th place in the world by energy
use. Energy density of the countrys economy
three times exceeds the level of developed
countries of Europe and of Japan and is 2,3
times higher than that of USA. Raising energy
efficiency of the economy and reduction of
greenhouse gas emissions are of utmost
importance for the long-term energy policy and
sustainable development of economy of our
country.1 Energy efficiency measures can prove
to be extremely attractive for financial
institutions from a commercial point of view as
well as from the position of international image
and maintenance of competitiveness.
Russian FIs pay limited attention to carbon
and environmental profile of the projects they
provide loans to. On the other hand, increasing
tendencies among international lenders to
impose environmental requirements and to
benefit from it provide strong incentives for the
Russian financial sector as well.
The consequences of planetary scale from the
oil spill catastrophe in the Gulf of Mexico
vividly evidence how important is the
application of environmental standards for
investors, as well as for the destinies of the
whole regions and in what results inability to cut
off in advance all potentially risky projects and
technologies before the decisions for their
financing were approved.
Anthropogenic cause of climate change
becomes more and more evident. Particularly,
recent horrible peat bog and forest fires in
Moscow suburbs and adjoining regions,
producing hazardous emissions, are another
sound proof. The fires drew comment from
officials and activists at international climate
change talks in Bonn, Germany: Russia's
situation and the recent floods that have
devastated Pakistan are consistent with the kind
of changes we would expect to see from climate
change and they will only get worse unless we
act quickly."2

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INTERNATIONAL AND RUSSIAN PROJECT FINANCE
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WWF Efforts by WWF Russia aimed at integration


of the principles of sustainable development

in investment practices of the Russian finance
sector
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If you can keep your head when all about you


Are losing theirs and blaming it on you
Yours is the Earth and everything that's in it...
Redyard Kipling

The time has come for concrete action, with


tangible goals, along with firm yet realistic
deadlines.
The
Sustainable
Finance
Programme of WWF Russia, supported by the
International Climate Initiative of the
German Ministry for the Environment
(BMU), has an objective to facilitate integration
of Russias national climate related targets into
investment practices of the Russian financial
sector as well as assistance in incorporation of
sustainable development principles in all
business processes of Russian financial
institutions. The Programme assumes the
development of individual and collective action
plans for major Russian state-owned banks
(Vnesheconombank, VTB, Sberbank, Eurasian
Development Bank, Russian Agricultural Bank
and Gazprombank) as well as commercial banks
and other financial institutions (insurance and
asset management companies, pension funds).
One of first priority goals is an influence
upon adequate reduction of both direct and
indirect (financed through loans) GHG
emissions and energy consumption, particularly
in the three priority sectors: construction and real
estate,
electricity
generation
(including
renewable energy development), forestry and
agriculture.
Based on its international and local
experience in green finance, WWF sees its
role in being a catalyst for the process of
greening of the Russian financial sector,
realizing that active transition to green
economy implemented in many countries of the
world is an when rather than if issue for
Russian state and business. Realization of the
above mentioned Programme and, in particular,
preparation by WWF best practices guide,
conference and trainings on those issues will
serve as an efficient channel of responsible
investments best practice transfer and will help
Russian financial sector in capacity building in
this field.

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How GHG Emissions Relate to the Activity of


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the Financial Sector?
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We shall require a substantially new manner of thinking if


humanity is to survive".
Albert Einstein


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Financial institutions do not have a major


environmental footprint* but they are in a
unique position to channel capital towards green
economy and play a catalytic role in the
transition towards green economy, becoming a
catalyst in the process of transition to the
principles of sustainable development**. The
important thing here is that they are able to
transform the consciousness of their borrowers,
creating win-win as a result.
While FIs are not large GHG emitters on the
scale of utilities or industrial firms, they still
may vitally influence the scope of those
emissions.
FIs may lower the overall greenhouse gas
footprint by managing their indirect GHG
emissions in the form of providing investment
funding to support such green elements of
economic growth and employment creation as
development of low carbon technologies and
infrastructure
(energy-efficient
buildings,
renewable energy resources, rapid ground transit
systems, etc.).

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"Ecological footprint" - a generalized index that reflects the scale and nature of the load on the earth's ecosystems
and species produced by human needs (production and consumption of our resources, as well as the absorption and
processing of our waste). Understanding of the linkages between biodiversity, the causes of its loss and ecological
footprint of humanity is fundamentally important for slowing, stopping and reversing degradation of ecosystems and
populations of wild species occurring in front of our eyes.
**

Sustainable development - development which meets the needs of the present without compromising the ability
of future generations to meet their own needs. The concept of sustainable development, according to UN, is based on
the "interdependent and mutually reinforcing pillars" such as economic development, social development, and
environmental protection.
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INTERNATIONAL AND RUSSIAN PROJECT FINANCE
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FIs may also manage their direct GHG


emissions emissions from facilities and
operations, like on-site power generation and
company owned vehicles, paper/water use, waste
disposal and employee business travel. 3
Measures for improving energy efficiency
will also lead to reduction of GHG emissions.
Investments in those measures are economically
attractive for investors. Thus, according to
McKinsey estimates, required investments of
150 bn Euro will bring average IRR of 30% and
more.4
The building sector, for example, accounts
for up to 40 percent of GHG emissions in some
countries, and banks can set an important
example for their clients by adopting formal
emissions accounting and management systems.
Many international banks are altering their
procurement policies in favour of renewable
energy sources and integrating green building
principles into real estate management.
In Russia energy sector is the source of more
than 1/3 of aggregate GHG emissions; coal, oil
and gas extraction comprises of 16% and around
13% industry and construction.5 Hence,
Russian banks may significantly influence the
reduction of emissions in those sectors by
applying sustainability requirements to the
clients they provide loans to and investing in
energy efficiency and green building.
In addition, abroad banks are expanding their
GHG management programs to include limits on
business travel, which in some cases rivals
emissions from company-owned buildings.
The first step for most banks in managing
their GHG emissions internally is to conduct a
formal inventory of energy-related emissions
from their office buildings and retail branches.
Most of international banks use an inventory
accounting method called Greenhouse Gas
Protocol (GHG Protocol) developed by the
World Resources Institute and the World
Business Council for Sustainable Development,
and most report their emissions annually to the
Carbon Disclosure Project.
WWF Russias Living Office helps
organizations to raise effectiveness of their
office activities, which allows reducing costs and
direct GHG emissions.
Many large and respected international banks
have gone beyond conducting GHG emission
inventories to setting emission reduction targets
and developing emission reduction programmes
as well as regulatory reporting on their progress

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Disclosure Project).
WWF


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to interested stakeholders. Like, for example,


KfW Banking Group, which has set an
ambitious target to achieve a zero carbon
footprint.



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ABN Amro
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, Sustainable Risk
Advisory team Group Risk
Management division,
ABN Amros Group Risk Committee
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Climate Change Risks and Opportunities


for the Financial Sector
Climate change is unequivocal global megatrend. Moreover, cost impacts from extreme
weather events and greenhouse gas regulation
will have a profound effect on the asset values
and credit ratings of corporations and,
ultimately, how banks engage companies
through financing. The sectors that will be most
affected by climate change are energy,
infrastructure, transport, agriculture and
technology. These can account for up to half of
the global financing needed in any given year.
The impact on financing could be hundreds of
billions of dollars.
Banks increasingly see climate change as a
risk management issue and not merely an
extension of environmental policy. To be
effective, risk management needs to minimize
the overall carbon footprint of the projectfinancing portfolio and to work in the context of
the newly emerging carbon markets.6
For example, ABN Amros Group Risk
Committee (GRC) is mandated to include
environmental, social and ethical (ESE)
considerations in decision-making on client and
transaction engagements. To help fulfil this
mandate, a Sustainable Risk Advisory team
works within the Group Risk Management
division to assess ESE risks and advise the GRC
on business engagement decisions. With respect
to climate change and project finance, the
company identifies regulatory risk from
emerging GHG emissions policies, cash-flow
risks from volatile costs and physical risks from
weather events.

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ABN Amro

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The Role of the International Financial


Organisations
and
Sustainability
Mechanisms, assisting in the Climate Change
Problem Solving
There exist a number of internationally
recognized
environmental
and
social
responsibility standards, adoption of which lets
financial institutions to increase competitiveness
and to evaluate and minimise the following risks
by environmental and social aspects:
Credit risk
Reputational risk
Political and regulatory risk
Lost market opportunities
Devaluation of collateral
Many western and emerging countries FIs
already benefit from having adopted such
green standards, and Russian FIs have to
undergo this evolutionary way too.

Equator Principles

, A financial industry benchmark for


determining, assessing and managing social &
environmental risk in project financing

2003
Launched in 2003 by 10 banks in
collaboration with the International Finance
(International Finance Corporation), Corporation (World Bank Group), the EPs have
since been adopted by 67 banks from all over the
. world (as of August 2010)7. Among them
67 ( Barclays plc, BNP Paribas, Citigroup Inc.,
2010 )7. ABN Credit
Suisse
Group,
HSBC
Group,
Amro, Barclays plc, BNP Paribas, Citigroup Inc., HypoVereinsbank, ING Group, Industrial Bank
Credit Suisse Group, HSBS Group, HypoVereinsbank, Co. Ltd., JPMorgan Chase, KfW IPEX-Bank,
ING Group, Industrial Bank Co. Ltd., JPMorgan Mizuho Corporate Bank, Socit Gnrale, the
Chase, KfW IPEX-Bank, Mizuho Corporate Bank, Royal Bank of Scotland, Standard Chartered
Socit Gnrale, the Royal Bank of Scotland, Bank, WestLB, etc.
Standard Chartered Bank, WestLB ..
Project finance is a method of funding in
which the lender looks primarily to the revenues
, , generated by a single project, both as the source
, of repayment and as security for the exposure.
This type of financing is usually for large,
complex and expensive installations that might
. include, for example, power plants, chemical
, processing
plants,
mines,
transportation
, infrastructure,
environment,
and
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INTERNATIONAL AND RUSSIAN PROJECT FINANCE
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telecommunications infrastructure. Around 85%


of project financing in the world complies with
Equator Principles.
The Principles exclusively apply to project
financings globally with total project capital
costs over US$10 million. According to
Principles, all projects have to be ranked as
Category A (Projects with potential significant
adverse social or environmental impacts which
are diverse, irreversible or unprecedented), B
(limited impact) or C (low or no impact).
The Equator Principles (EPs) formally
adopted new Governance Rules from 1 July
2010, which was a result of several years
intensive work by the Equator Principles
Financial Institutions (EPFIs). "The Rules", that
form the basis of the newly created Equator
Principles Association, have been established to
confirm the purpose, operation and management
structure of the Equator Principles. The Rules
formalize existing practices and procedures,
increase the transparency of the Association, and
will ensure that EPFIs meet their responsibilities
such as public reporting on EP implementation.
Shawn Miller, Chair of the EPFI Steering
Committee and Citis Environmental and Social
Risk Management Director noticed: "The
Equator Principles have had deep and lasting
positive impact on the global financial services
sector: the Principles are now one of the most
successful voluntary environmental and social
risk diligence frameworks in the sector, with the
number of adopting institutions growing every
year. The Rules significantly strengthen the
Equator Principles, and the new governance
framework ensures that there are effective
decision making procedures for the enlarged
group of adopting institutions."

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(EP Outreach Working


Group)

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EP Outreach Working Group


The Outreach Working Group is actively
engaged with institutions in China, Russia, India,
Africa/Middle East and South America

The Leaders of Equator Principles adoption


in the world

KfW
Bankengruppe ,

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KfW IPEX-Bank

German KfW Bankengruppe gives impetus


to economic, social and ecological development
worldwide. As a promotional bank under the
ownership of the Federal Republic and Federal
States, it offers support to encourage sustainable
improvement in economic, social, ecological
living and business conditions, among others in
the areas of small and medium-sized enterprise,
entrepreneurship, environmental protection,
housing, infrastructure, education finance,
project and export finance, and development
cooperation.
KfW IPEX-Bank GmbH is an international
project and export finance subsidiary of KfW
Bankengruppe.
Its main business principles include the
assessment of environmental impacts caused by
projects it finances and a particular commitment
to environmentally safe or environment-oriented
and socially sound projects. On 1 March 2008
KfW IPEX-Bank GmbH adopted the Equator
Principles. These Guidelines state that the bank
will not participate in the financing of projects
that are likely to cause unacceptable
environmental damage and structure the
procedures for appraising and evaluating
environmental and social aspects in the
financing transactions of KfW IPEX-Bank.8 The
Bank is also committed to the environmental and
social standards of IFC.
EP review of KfW IPEX-Bank is based on its
guideline for an environmentally and socially
sound conduct of business (Sustainability
Guideline) where steps and procedures are
defined. The guideline requires project managers
to include environmental and social experts in
projects of category A and relevant projects of

The chief responsible organization for EP


Outreach Working Group for Russia is
UniCredit Bank. WWF Russia actively
collaborates with the Group and works with the
major state-owned and private Russian banks to
facilitate their adoption of Equator Principles.

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( category B. These environmental and social


), experts have participated in a licensed training
. , for IFC Performance Standards implementation.

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/ Source: www.kfw-ipex-bank.de

/ Source: www.kfw.de

:
Minimising environmental burdens: Climate

protection and resource conservation

Carbon-neutral status for KfW
KfW
KfW Bankengruppe resolved in 2006 to
2006 achieve a carbon footprint of zero. This
. , voluntary step made it the first bank in Germany
to completely offset its CO2 emissions. All
. carbon emissions from energy consumption and
2 business travel are compensated by the
corresponding amount of emission reduction
certificates.
.
The goal is to continuously reduce the
. number of certificates required. A series of
C , , measures has been implemented for this purpose,
such as the use of certified green electricity since
2007 . 2007. This alone reduced the total amount of
CO2 CO2 emissions to be offset from approximately
29300 2006, 25000 2007 18700 29,300 tonnes in 2006 to some 25,000 tonnes in
2008 .
2007 and around 18,700 tonnes in 2008.
2009
In February 2009 a guarantee agreement
KfW reached between the Russian development bank
- Vnesheconombank and KfW, the "German Russian Initiative for the Financing of Small and
, Medium-Sized Enterprises", provides for a full
, payment guarantee by Vnesheconombank for
KfW, 200 . loans granted by KfW worth altogether EUR 200
million. The agreement makes it possible to

boost the banking and SME sector in spite of the


, financial crisis.
.
The German Federal Ministry of the
Environment (BMU) and KfW Development
KfW Bank have set up an innovative Global Climate
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Industrial Bank Co., Ltd (IB)
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The
Banker 2007, IB 145 260

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Protection Fund with more than USD 100


million of initial funding. Agreement has been
signed in Berlin at the conference " Mobilising
Private Capital to Reduce Climate Change:
Instruments
and
Policies to Mobilise
International Green Energy Investment ".
The fund will make a valuable contribution
towards the promotion of renewable energies
and towards efficient use of energy and
reduction of CO2 emissions in developing
countries and threshold countries.
The reliability of energy supplies and global
climate protection are two of the key challenges
for the 21st century. Correspondingly, it is a
central issue for the future for KfW
Development Bank to promote wide-ranging
investment in climate protection.
With this innovative financing instrument for
international climate protection the fund does
not eat into the public funds; instead, the funds
are used on a rolling basis, allowing the money
which is paid back to flow into the fund assets.
Industrial Bank Co., Ltd (IB) was the first
bank in China to announce the adoption of
Equator Principles (on October 31, 2008). IB
has set up internal policies and procedures in
compliance with Equator Principles, and
conducts due diligence research on social and
environmental issues in project financing.
Previously, in October 2007, IB signed the
Statement by Financial Institutions on the
Environment and Sustainable Development to
join UNEP FI, and is committed to complying
with related environmental laws, rules and
regulations, establishing an environmental
management system, integrating environmental
factors into decision making, supporting
environmental
protection
and
realizing
sustainable development.
IB is a joint-stock commercial bank.
According to the ranking results of Top 1000
World Banks released by the British magazine,
the Banker, in July 2007, IB was ranked 145th
and 260th in terms of total assets and tier 1
capital respectively. And in the same issue, on
the list of Top 100 Chinese Banks, IB
maintained both its No.1 position in terms of
average return on capital and No.10 in terms of
tier 1 capital and total assets respectively.9
The Industrial Bank is the pioneer of green
loans in China. In the framework of cooperation
with the IFC from 2006 to 2009, the bank has
granted 222 energy-saving and emissionsreducing loans, totaling at RMB 16.58 billion. In

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Industrial Bank
. IFC 2006
2009 222
.
2007

CHUEE
. IB,
, 2 2,1
Chongqing Qinan
Machinery and Electronics Manufacturing Co., Ltd.
Chongqing Tianzhu Cement Company Limited

.10

2007, IFCs CHUEE program approved loans to


fund two energy efficiency projects in China.
Industrial Bank, the CHUEE programs initial
partner commercial bank, disbursed two loans of
$2.1 million each to Chongqing Qinan
Machinery and Electronics Manufacturing Co.,
Ltd. and Chongqing Tianzhu Cement Company
Limited to finance their energy efficiency
projects. These projects contribute to a
significant environment improvement and
greenhouse gas (GHG) reduction in the region
and improve the operating performance for two
companies.10

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The Standards of IFC


International Finance Corporation, private
sector branch of World Bank Group, has a set
of Social and Environmental Performance
Standards, which are applied to all projects
funded by IFC.
IFC has been measuring its own investment
portfolios greenhouse gas footprint since
February 2009. All new IFC real sector projects
are also now required to report greenhouse gas
emissions prior to approval.
IFC developed the Carbon Emissions
Estimator Tool for estimating greenhouse gas
emissions from investments with applicability to
all its departments other than Global Financial
Markets. The tool provides investment
departments with a simple way to estimate the
gross operational emissions and actual project
emissions.
For example, a cement production facility
could use the tool to estimate GHG emissions,
both direct (on-site fuel combustion, carbon
dioxide produced during clinker production, etc.)
as well as indirect (electricity purchases). This
information is now easily obtained during
project appraisal.
The operational emissions data collected has
provided IFC teams with valuable project and
lending insight. This methodology also provides
a building block for other types of analysis such
as GHG impacts from energy efficiency and
renewable energy, upstream and downstream
emissions impacts, and GHG shadow cost
analysis.
IFC has committed to releasing aggregate

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1993. 31 2008 ,
4,3
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2010

portfolio greenhouse gas emissions figures in


forthcoming annual reports. In addition to
measuring emissions from real sector projects,
IFC is also developing greenhouse gas analysis
tools to be applied to financial intermediaries
and advisory services in an attempt to cover 100
percent of greenhouse gas emissions associated
with its portfolio.
Russia became a shareholder and a member
of IFC in 1993. As of December 31, 2008, IFC
has invested around $4.3 billion of its own funds
in 179 projects in the country across a variety of
sectors. At present, Russia is the second largest
country exposure in IFCs global portfolio, with
a total committed portfolio of $2.4 billion.11
Among the client FIs of IFC in Russia are Locko
Bank, Credit Bank of Moscow, Center-Invest
bank, MDM Bank, URSA Bank, NBD Bank,
Transcapital Bank, Russian Carbon Fund ApS,
Absolut Bank, Russian Standard Bank.12
In 2010 IFC started to realise Russia
renewable energy program in collaboration with
EBRD and IBRD. Program is aimed at
stimulation of investments in development of
renewable energy sources in Russia according to
the goals set up by the Russian Government in
the field of renewables development.



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(

EBRD, DEG, Erste Bank Raiffeisen Bank).
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.

Energy Efficiency and Reduction of GHG


Emissions go hand in hand
Center-Invest Bank, a commercial bank
founded in 1992 focused on serving corporations
and SMEs in southern Russia (majority owned
jointly by EBRD, DEG, Erste Bank and
Raiffeisen Bank). It was the first bank in Russia
to offer specialized financing for energy
efficiency projects. Since 2005, under a program
developed together with IFC, Center-Invest has
provided numerous loans for businesses to

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INTERNATIONAL AND RUSSIAN PROJECT FINANCE
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2005 ,
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2008 .
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80%.

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Standard & Poor's (B+), Moody's
(Ba2) Fitch (BB). 2009
The Banker ( Financial
Times)
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3,5%
. 31 2008
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obtain new, more efficient industrial, agricultural


and food processing equipment. The program
has enabled companies not only to reduce
production costs, but also to significantly reduce
CO2 emissions, on average between 30-50
percent in 2008.13
Center-Invests Chairman of the Board of
Directors, Dr. Vasily Vysokov, has said: The
time for your company to introduce energy
efficiency technologies is right now, because it
will mean that tomorrow, in the post-crisis
economy, when tariffs go up, it will be much
easier for you to be competitive Bank finance,
international financial institutions, and leading
export agencies are helping Center-Invests
customers obtain energy efficiency equipment
on advantageous terms. Our customers
experience shows that energy costs can be cut by
as much as 80 percent.
MDM Bank is one of the leading
independent providers of banking services in
Russia, comprised of two main banking units:
Corporate & Investment Banking (CIB) and
Retail Banking. MDM Bank has one of the
highest credit ratings from Standard & Poor's
(B+), Moody's (Ba2) and Fitch (BB) among
privately owned Russian banks. In 2009 the
respected magazine the Banker (part of the
Financial Times Group) announced MDM Bank
The Bank of the year in Russia.
The partners and creditors of MDM Bank are
large international investors, including the
International Finance Corporation (IFC) and the
European Bank for Reconstruction and
Development (EBRD). Credit agreements with
the IFC and EBRD contain a number of special
covenants, which are connected with conducting
ecological appraisals of potential credit
projects.14
Based on recommendations from the IFC and
EBRD, MDM Bank defined a list of activities
that it will not credit these include activities
harmful to the environment and other activities
banned by national and/or international
legislation.
A number of activities, which have
ecological and social risks, are credited by the
Bank in limited volumes totalling not more
than 3.5% of the Banks credit portfolio. As of
31 December, 2008, the share of credits
provided to such clients was 1.34%.

________________________________________ 46 ________________________________________
INTERNATIONAL AND RUSSIAN PROJECT FINANCE
1-2 (001-002) 2010

: ,
2008

Source: MDM Bank Corporate Social Responsibility


Report 2008


,
:
-:

,

(

),


.
:

( ,
30
),

,
.

,
.
,
,

,
, .

, .

,
. ,
,

,

.
,
2009 ,

When considering crediting issues, all of the


Banks clients go through a two-step analysis:
Express-analysis: Depending on the primary
ecologic risk level set by the Policy for each type
of activity and limit parameters (the sum and
goal of crediting), the need for an in-depth
analysis of ecological risks is determined.
In-depth analysis: Verifying the clients
compliance with actual Russian legislation and
(for large-scale investment projects over 30
million USD) with requirements based on the
Policy
on
Social
and
Environmental
Sustainability developed by the IFC. This Policy
addresses social and ecological management, as
well as labour conditions. If the Banks
specialists determine that risk levels are too
high, the specialists together with the client
develop an action plan that will put the client
and its project in conformity with ecological,
labour and social regulations, as well as with the
IFC Policy. Subsequently, the Banks specialists
regularly verify to what extent the client
observes these plans.
The Bank conducts constant monitoring of
ecological risks for all projects to which it
provides crediting. The Bank tracks serious
technological
accidents,
suspensions
of
production as a result of ecological problems,
social protest actions and activity prohibited by
ecological regulations.
The merger of MDM Bank and URSA Bank,
completed in August 2009, combines
complimentary geographic presence and
business lines to create better diversified bank
with strong presence throughout Russia. The
Bank plans to issue joint environmental policy
and to complete the process of introducing an
ecological appraisal mechanism into its credit

________________________________________ 47 ________________________________________
INTERNATIONAL AND RUSSIAN PROJECT FINANCE
1-2 (001-002) 2010




.
2009 -
,
GRI.



.



.

-,


.
,

-.
, -, - ,

-,

,
.
3
60 . 7 .

processing.
In 2009 MDM Bank published its first nonfinancial report, which corresponds to the GRI
standards.
This
step
evidences
about
transparency of the banks activity in CSR field
and understanding by banks top management of
importance of system approach to environmental
and social aspects of business practice.
In accordance with its CSR Strategy, bank
pays special attention to the ecological and
social consequences of its business. An example
of this approach was the successful credit
product MDM Energy (which was created by
MDM Bank in conjunction with the IFC), aimed
at increasing the energy efficiency of small
enterprises. Possible projects within the MDM
Energy program were very diverse and
included: modernizing light systems, heat
supply, cold supply and water supply systems,
installing co-generation plants and the energy
efficiency re-equipment of buildings, and other
projects. Under this program, entrepreneurs
could receive a loan of RUR 3-60 million for a
period of up seven years.

()

/,
, ,

,
,

.
,



.


.

The Standards of EBRD


European bank for Reconstruction and
Development replicates the majority of the
World Bank/IFC mechanisms of responsibility
such as screening and classification of projects,
information disclosure and public consultations,
and preferential lending to green clients.15
EBRD addresses the challenges of climate
change and energy efficiency by integrating
these issues into all of its operations as a core
strategic component and competence of the
Bank.
Modernisation,
competitiveness
and
diversification of the real economy will be the
overarching priorities of the EBRD in Russia.
This will be supported by active infrastructure
development
and
efficient
financing
mechanisms.
Energy efficiency will become an integral
part of the business of each sector of EBRD
activity in Russia. The Bank will address the
demand side of energy use by reducing waste of
energy and greenhouse emissions in all sectors,
which will be important to support corporate

________________________________________ 48 ________________________________________
INTERNATIONAL AND RUSSIAN PROJECT FINANCE
1-2 (001-002) 2010

.


,
,


.16
2009

(Strategic Energy Action Plan)

.



.



.




.
,

,
.



, .
,

.


,

, , ,
, .
2002
170


-,
2010.
52 . 10 ,

,

competitiveness and combat climate change.16


In December 2009 EBRD President Thomas
Mirow and Russias Minister of Economic
Development Elvira Nabiullina signed a
Strategic Energy Action Plan (SEAP), which
connects high priority areas for reducing energy
intensity with EBRD banking operations. EBRD
also signed a Memorandum of Understanding
with Sberbank for cooperation on energy
efficiency and carbon finance in Russia. This
will support activities under the Russia
Sustainable Energy Finance Facility and pave
the way for co-financing and carbon finance.
The Bank is examining how climate change
risk management could be embedded into
project appraisal, including environmental and
social due diligence. This may include
developing an approach for planning new and
retrofitted infrastructure and other fixed assets to
take account of climate risk, including a review
of codes and design standards. It may also
encompass infrastructure and fixed assets in
vulnerable areas, such as coastal zones subject to
sea level rise or in areas suffering from water
scarcity.
Some of EBRDs existing investment
operations already contribute to adaptation
responses in areas such as water infrastructure
and water management, housing stock, power
and energy, transport infrastructure, agriculture
and agribusiness.
In 2002 the EBRD signed a loan agreement
of 170 million with Russia, the largest ever
EBRD loan at the time, to finance the
construction the St. Petersburg Flood Protection
Barrier, due for completion in 2010. A 10-year
52 million Banks loan will finance the
construction of a combined heat and power plant
in the east Siberian city of Krasnoyarsk,
improving energy efficiency and cutting
pollution by 14 per cent. The Bank extends a
208.3 million long-term loan to Lukoil to fund
modernisation of its TGK-8 electricitygenerating subsidiary in a project that will cut
greenhouse gas emissions by 750,000 tonnes a
year.17
The EBRD assesses the change in annual
GHG emissions that each years new investment
portfolio signings are predicted to make once the
projects are fully implemented. This approach is
well aligned with the Banks transition mandate
and provides a good indicator of the way in
which the Banks investment strategies are
responding to the challenge of climate change in

________________________________________ 49 ________________________________________
INTERNATIONAL AND RUSSIAN PROJECT FINANCE
1-2 (001-002) 2010

14%. a region characterised historically by high


208.3 emissions and a poor record in energy
, efficiency.
-8,
750000 .17

,

,

.


,



.




23.11.2009 261-.

()
17
2007 82-.


.


,

. Long-Term Investors Club

(
, , ,
). (
22.10.2009) KfW,
, ,
Caisse des Dpts
Cassa Depositi e Prestiti.18

: Standard & Poors (BBB), Fitch (BBB),


Moodys (Baa1).19

Potential of the Russian banks


The Russian Government approved the
Action Plan to implement the Federal Law On
Energy Saving and Increasing Energy
Efficiency ( 261-FZ of 23.11.2009). This
plan assigns the role of financial vehicles of
energy efficiency to VEB, Sberbank and VTB.
A relatively recent development in the
Russian banking industry involves the growing
role of Vnesheconombank, which was
transformed into the Bank for Development and
Foreign Economic Affairs by Federal Law 82FZ of 17 May 2007.
One of the priority tasks of VEB is
realization of international initiatives on
infrastructure development and introduction of
innovations. In this connection, its very
important to mention that recently VEB was
elected to organizational committee of the LongTerm Investors Club, which unites the largest
and the most respected state-owned development
banks of foreign countries. The Club aims to
bring together major worldwide institutions
including sovereign wealth funds, public sector
retirement funds, private sector pension funds,
economists, financial policy makers, and
regulators to assert their common identity as
long-term investors, to open the way to greater
cooperation and to deliver the message that
fostering the right conditions for long-term
investment will be an important element in
promoting growth and economic stability.
Among members (as of 22.10.2009) KfW
Bankengruppe, European Investment Bank,
China Development Bank, Caisse des Dpts
and Cassa Depositi e Prestiti.18

________________________________________ 50 ________________________________________
INTERNATIONAL AND RUSSIAN PROJECT FINANCE
1-2 (001-002) 2010


( )
42 22,5 .
Electric Networks of Armenia
.

,

.20




,

,

, ,

. ,
, ,

(, KfW , Barclays
),




.
,

,

.
, 2009


(ERU)

. 23 2010
15
40
.
2,7

.21
15
29,99 . 2,

The bank has the following ratings: Standard


& Poors (BBB), Fitch (BBB), Moodys
(Baa1).19
In 2008 Vnesheconombank signed a
Memorandum of Understanding with the
International Bank for Reconstruction and
Development (IBRD) and IFC. Within the
planned three-lateral cooperation framework, it
is envisaged to devise joint programs in the area
of environment protection, energy efficiency and
sustainable financing. Vnesheconombank also
intends to consider opportunities of cooperation
with IBRD that would help identify projects
related to enhancing energy efficiency, as well
as other projects aimed at reducing green house
emissions and complying with the requirements
of Joint Implementation mechanisms of the
Kyoto Protocol.
The EBRD (up to 42 million) and VEB
(22.5 million) are providing a syndicated loan
to the electricity distribution company Electric
Networks of Armenia to promote energy
efficiency throughout the Caucasus. Both banks
are joining forces in a third country for the first
time and the cooperation is seen as a milestone
in regional cooperation.20
State-owned Vnesheconombank and VTB
banks are the most active amongst Russian
banks in terms of expanding their activities
abroad, including, among other channels,
through project finance in developing countries
that can potentially be subject to the Equator
Principles and OECD Common Approaches.
As Russian banks integrate into the global
financial community via international expansion,
it seems likely that the adoption of international
sustainability
mechanisms
will
become
increasingly important and appropriate for these
institutions. Besides, many Equator Principles
Financial Institutions are lending to Russian
banks (for example, KfW to VEB, Barclays to
Sberbank) as well as participate in syndicated
loans, and it also fosters domestic financial
sector to follow the positive example of their
international peers.
It further appears that over the past two years,
Russian state-owned banks have begun
considering the incorporation of social,
environmental and climate change-related
factors into their decision-making precisely
because of the expansion of their international
activities.
Importantly, during 2009, Sberbank was
assigned by the national government a key role

________________________________________ 51 ________________________________________
INTERNATIONAL AND RUSSIAN PROJECT FINANCE
1-2 (001-002) 2010

.


,


.
The Banker Top 1000 World Banks 2010

43- .
.

of operator in trade in Russian Emission


Reduction Units (ERU) under the Kyoto
protocol mechanism of Joint Implementation.
On 23.07.2010 the Ministry of Economic
Development gave green light to 15 clean energy
projects out of 40 submitted. The long-awaited
move unlocked about 2.7 billion Euros in carbon
finance (based on market rates) for more than
100 Russian projects.21 The approved 15 projects
will generate 29,99 million carbon offsets
(equivalent to 29,99 million tones of CO2).
In recent years Sberbank has become the
largest and most prominent financial institution
in Central and Eastern Europe, and a visible
player in the global financial market in terms of
capitalisation. Sberbank is a leader among
Russian banks in the rating of The Banker
magazine Top 1000 World Banks 2010 and has
43rd position.
The Loan Portfolio. Loan Structure by Sectors

:
2010

Source: Sberbank Groups IFRS Results for 1Q10

The Climate Principles

4 2008
,

,

Crdit Agricole, HSBC, Standard Chartered,


Swiss Re Munich Re

,

,
,
.

.
,

,
, ,
, ,
,
- ,

On the 4th December 2008, five leading


financial institutions signed up to the new
guidelines
for
Financial
Institutions
developed to deal with the risks and
opportunities posed by climate change
Banks Crdit Agricole, HSBC, Standard
Chartered, and reinsurers Swiss Re and Munich
Re decided to be proactive in leading others to
take appropriate action on climate change and
have signed up to what the Climate Group
describes as the first comprehensive industry
framework to address climate change.22
The Climate Principles address the
management of operational greenhouse gas
(GHG) emissions. More importantly, they
provide strategic direction on managing climate
change across the full range of financial
products and services, including: research
activities; asset management; retail banking;
insurance & re-insurance; corporate banking;
investment banking & markets; project finance.
Standard Chartered Bank has teamed up

________________________________________ 52 ________________________________________
INTERNATIONAL AND RUSSIAN PROJECT FINANCE
1-2 (001-002) 2010

.
Standard Chartered Bank
Asian Development Bank

.
2008 Standard Chartered, ADB Johnson
Controls (
)
, The
Energy
Efficiency
Multi-Project
Financing
Programme.
114,5


. Johnson Controls

,
Standard Chartered ADB
.
Standard Chartered
,

ADB.
, Johnson
Controls,

.
,
.


,
,


. ADB ,
20
40 % .
,

, Standard Chartered
:


.

with the Asian Development Bank (ADB) to


address these challenges and fund energy
efficiency projects in China.23
In May 2008 Standard Chartered, ADB and
Johnson Controls (a private energy management
company) announced their partnership under a
project called The Energy Efficiency MultiProject Financing Programme. The project,
which is worth up to USD114.5 million over 9
years, supports the retrofitting of existing
buildings and construction of new green
buildings. Johnson Controls plays a role in
providing advice on building energy efficiency,
while Standard Chartered and ADB share the
project credit risks.
Standard Chartered performs the credit
assessment on the client and the loan, which is
then partially guaranteed by ADB. Energy
services companies (ESCOs), like Johnson
Controls, provide the energy efficient equipment
and services. The client then repays the loan
through the resultant energy efficiency savings.
This partnership aims to lower the barriers to
investment by providing enterprises with access
to small-scale loans, with medium-term pay back
periods, resulting in reductions in their
overheads and energy related carbon emissions.
ADB expects that the programme will deliver
between a 20 and 40 percent savings to business
annual energy bill. It is anticipated that as
knowledge and expertise in this area increases,
further savings can be achieved. This case
outlines how the organization is meeting its
commitment to the Climate Principles: We will
develop financing solutions to facilitate
investment in low carbon technologies and GHG
reduction projects.

(UNEP FI)

,
UNEP FI,
200 (,
, ).


,

UNEP Financial Initiative

This is a network of FIs, numbering nearly 200


signatories from around the globe (including
mostly banks and insurance companies), in
which dialogue regarding environmental and
social issues in the finance sector is nurtured and
where best practice can be exchanged and
supported by capacity building measures and

________________________________________ 53 ________________________________________
INTERNATIONAL AND RUSSIAN PROJECT FINANCE
1-2 (001-002) 2010

extensive research.24

.24

Source: www.unepfi.org

UNEP FI
UNEP FI,


.
UNEP FI

,
UNEP FI, ,

.
2009 UNEP FI 15
,
190.

Each member of the UNEP FI is required to


sign the UNEP FI statement, thereby committing
to implement mechanisms to reach a number of
broadly-formulated goals that are set out in the
statement. These goals focus on sustainable
development and the importance of responsible
environmental management by FIs. They also
commit signatories to openness and transparency
regarding their efforts to achieve these
objectives.
Every member of the UNEP FI is expected to
report annually on the progress it has made
towards reaching the goals of the Initiative,
attend a UNEP FI Annual General Meeting at
least once every two years and pay an annual
membership fee. UNEP FI welcomed 15 new
members in 2009, with a total membership of
190 Signatories at the end of the year.



:
2010 :

,
(INCR),

(IIGCC)

(IGCC)

.

2010

.
2009 UNEP FI
(CEETF)

Promotion of Sustainable Finance
Mechanisms in Russia, WWF
.

At Investor Summit on Climate Risk, under


the theme "Developing a Low-Carbon Economy:
Leveraging Private Investment," in January
2010, four groups of investors, namely the UN
Environment Programme Finance Initiative
(UNEP FI), the Investor Network on Climate
Risk (INCR), the Institutional Investors Group
on Climate Change (IIGCC) and the Investor
Group on Climate Change (IGCC), endorsed the
Investor Statement on Catalyzing Investment in
a Low-Carbon Economy. Investors urge
policymakers to negotiate and conclude a legally
binding agreement with ambitious greenhouse
gas emission reduction targets in 2010, and
outline various measures to develop and
transition to low-carbon technologies.
In April 2009 UNEP FIs Central and Eastern
European Task Force (CEETF) and EBRD
supported an event in Moscow organized by
WWF Russia, titled Promotion of Sustainable
Finance Mechanisms in Russia.

________________________________________ 54 ________________________________________
INTERNATIONAL AND RUSSIAN PROJECT FINANCE
1-2 (001-002) 2010


(UN PRI)


.
2006 ,

UNEP FI UN Global Compact,
.

- ()
.


. UN
PRI 800
,
18 . .



,

212
459
168
839

: www.unpri.org ( 16
2010 )

UN Principles for Responsible Investments


Set of principles created by the United
Nations, which cover the area of portfolio
investments and are applicable to asset managers
and other forms of institutional investors.25
Launched in 2006, the UN PRI were the result of
a joint effort by UNEP FI and the UN Global
Compact based on an initiative of former UN
Secretary-General Kofi Annan. The UN PRI
focus on promoting ESG issues in equity and
investment funds. Any signatory of the UN PRI
commits to making ESG issues a central
component of its analysis of potential
investments and to incorporating ESG issues
into its own operations. UN PRI has been signed
by nearly 800 FIs with total assets under
management of over USD 18 trillion.

Type of signatory
Asset owners
Investment managers
Professional service partners

Number of
signatories
212
459
168

Total

839

Source: www.unepfi.org (as of 16 October 2010)

An increasing number of institutional asset


UN owners include UN PRI membership as part of
PRI

,
their fund manager selection criteria.

.
Carbon Disclosure Project
(CDR)
Carbon Disclosure Project (CDP)
The Carbon Disclosure Project (CDP)
475 ( represents a group of 475 institutional investors
1 2009 ) (as of 1st February 2009) with assets of over
55 . US$55 trillion, that includes some of the worlds
largest and best known FIs such as HSBC,
, JPMorgan Chase, Bank of America, Merrill
HSBC, JPMorgan Chase, Bank of America- Merrill Lynch, etc.26 Given these investors increased
Lynch 26. concern about risks related to climate change,
, the CDP sends out information requests on their
, CDP behalf to public and private organizations
throughout the world asking them to report their

greenhouse gas emissions and relevant


management actions and policies. Companies
are encouraged to use the Greenhouse Gas

Protocol to calculate their specific emissions. All


________________________________________ 55 ________________________________________
INTERNATIONAL AND RUSSIAN PROJECT FINANCE
1-2 (001-002) 2010

. CDP Signatory Investors have access to all company


Greenhouse Gas reports sent to the CDP, even if these are not
Protocol . publicly available.
, CDP,
, CDP,

.



(Peoples Bank of China)
5 2008 WWF Peoples
Bank of Chinas (PBoC)

. :

,

,

( ,
),
,
, ,
Citi, Deutsche Bank HSBC.27
PBoC

-
, .
2007

.




.
, 2008,
,
,

. ,


,

.

The Role of State Regulators in the Climate


Change Problem Solving
Example of Peoples Bank of Chinas
Green Policy
On October 5 2008 WWF China and the
Peoples Bank of China released a high-level
report on sustainable development in China
banking sector. The report, entitled Towards
Sustainable Development: Reform and the
Future of Chinas Banking Industry, outlines
the role commercial banks can take to further the
countrys sustainable development goals and
provides
specific
recommendations
on
environmental policy changes (to establish
environmental
reporting,
assessment,
management, and risk evaluation systems), with
reference to international standards, such as
Equator Principles, as well as the experience of
international banks, including Citi, Deutsche
Bank and HSBC.27
Over the past few years, PBoC has been
driving sustainable banking through its
monetary, interest rate and credit policies. In
July 2007, China officially launched the first of
its green finance policies. These policies mark
an entirely new way of addressing
environmental degradation in China and are
proving to be the most powerful factor spurring
and influencing sustainable finance in China
today.
PBoC along with the Ministry of
Environmental Protection (MEP) and the China
Banking and Regulatory Commission (CBRC)
established a Green regulations system.
Regulations that came into force by mid-2008
include the Green Credit policy (July 2007)
regulating bank lending, the Green Securities
policy (February 2008) regulating Chinas
capital markets, and Green Insurance
(February 2008) regulating insurance companies.
Additionally, the government is considering
incorporating environmental standards into tax
regulations through the Green Tax policy, and
into trade regulations through the Green Trade
policy.

________________________________________ 56 ________________________________________
INTERNATIONAL AND RUSSIAN PROJECT FINANCE
1-2 (001-002) 2010

,
,
-
,
.

,

.

,

.

,

,
, ,
,

.

The policy established a credit blacklist of


companies that did not meet environmental
standards as determined by MEP due to their
high energy consumption, pollution and
environmental risks. Under the regulation, banks
are prohibited from lending to companies that
make it onto the list until the companies remedy
their environmental violations and are cleared
from the blacklist.28


,

( ).

10 2002 86-
71 75
.


.


,
,
, ,
, ,

The role of CBR in regulation of the Russian


Financial Sector

The environmental records of enterprises


are only part of the non-financial data that
has been or will be included in the central
bank's credit system to help strengthen
commercial banks' lending security. The
central bank is also cooperating with the
social security, customs, construction,
commodity quality supervision, taxation and
legal departments to bring stability to the
country's corporate finance system.29

The principal regulatory body in the Russian


banking system is the Central Bank of the
Russian Federation (also officially called Bank
of Russia, CBR). The Bank of Russias duties
and powers are articulated in Federal Law No.
86-FZ of 10 July 2002 in accordance with
Articles 71 and 75 of the Constitution of the
Russian Federation.
The CBR classification of risks of the
Russian financial sector, which is followed by
the Russian banks in their business practices,
does not include environmental and social risks.
Therefore Russian banks do not monitor ESG
issues consistently, incorporating them only in
very few sporadic cases in such risk categories
recognised by CBR as default risk, operating
risk, legal risk, risk of reputational losses, and
strategic risk.14 It would be a valuable step for
the improvement and sustainability of the
Russian finance sector, if CBR include
environmental
parameters
in
its
risk
classification and recommend our banks to join
international sustainability initiatives, like
Equator Principles.

________________________________________ 57 ________________________________________
INTERNATIONAL AND RUSSIAN PROJECT FINANCE
1-2 (001-002) 2010

Great Opportunity: Towards Sustainable


Future

-
( 2010 2009)
Voluntary E&S Responsibility Mechanisms in Selected OECD and OECD Candidate Countries
(June 2010 to April 2009)




, , ,

UNEP FI

UN PRI ,

CDP
Number of national FI signed Number of national FI in
Number of national FI
Number of national FI in
UNEP FI
Equator Principles
signed UN PRI
CDP
2010
2009 2010 2009 2010 2009 2009
June 2010
April 2009
June 2010
April 2009
June 2010
April 2009
April 2009
-
Selected OECD Countries

Canada

12

12

20

32

45

France

27

57

16

Germany

14

15

11

40

Japan

18

18

14

14

21


South Korea

17

13

Mexico

Netherlands

26

41

12

UK

16

15

58

96

56

United States

11

13

79

111

77

-
Selected OECD Candidate Countries

Brazil

27

42

36

China

1 ())

4 ()

China

India

Russia


South Africa

24

28

Indonesia

________________________________________ 58 ________________________________________
INTERNATIONAL AND RUSSIAN PROJECT FINANCE
1-2 (001-002) 2010

WWF
,

.
WWF

. WWF
,


WWF Russia develops transformational


partnerships with the leading Russian banks,
actively works on facilitation of their adoption of
international
sustainability
mechanisms.
Realization of WWF Russia Sustainable Finance
Programme represents the practical step in that
direction. WWF has strong hope for that the
situation in Russia will change soon the great
opportunity will not be missed and empty cells
in front of Russia row will gradually start filling
in

With this review WWF Russia starts a series of


publications with the aim of promoting sustainable
finance in Russia
WWF
,

. WWF ,
, ,
, , , ,
, , , , ,
: , , ,
( ), , -:
, , :
, , , ,
, , , , ,
, , , , ,
, , , , ,
, , , ,
- : . , ,
, , , , ,
: , ,
, , : , ,
,
,
,
,

,
, , , .

WWF


WWFs ultimate goal is to build a future where
people live in harmony with nature. WWF is an
international organisation working around the
globe, covering Argentina, Armenia, Australia,
Austria, Belgium, Bhutan, Bolivia, Bulgaria,
Brazil, Cambodia, Cameroon: Central Africa,
Canada, Chile, China (& Hong Kong),
Colombia, Costa Rica: Central America,
Denmark, Kenya: Eastern & Southern Africa,
Fiji: Southern Pacific, Finland, France,
Germany, Ghana, Greece, Hungary, India,
Indonesia, Italy, Japan, Laos, Madagascar & W.
Indian Ocean, Malaysia, Mexico, Mongolia,
Mozambique, Nepal, Netherlands, New Zealand,
Norway, Pakistan, Papua New Guinea: W.
Melanesia, Paraguay, Peru, Philippines, Poland,
Portugal, Russia, Senegal: West Africa,
Singapore, South Africa, Spain, Suriname:
Guianas, Sweden, Switzerland, Tanzania,
Thailand, Turkey, United Arab Emirates, United
Kingdom, Ukraine, United States, Vietnam,
WWF International (Secretariat).

SOURCES
1
A.. , :

. ,
, 2009
2
Forest, peat-bog fires cloak Moscow in smoke, By Jim
Heintz, Associated Press, August 6, 2010
3
Corporate Governance and Climate Change: The
Banking Sector, CERES Report, January 2008
4
.
,
McKinsey & Company, 2009
5
http://eco.rian.ru/documents/20090922/185975866.html
6
ABN AMRO, 2006 Sustainability Report
7
www.equator-principles.com
8
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