A renewed sustainable finance strategy is expected to be adopted by the EU Commission in June this year.
The UK government has moved away from a voluntary approach and has announced in a roadmap published in November last year its intention to make TCFD-aligned disclosures mandatory across the economy by 2025, with a significant portion of mandatory requirements in place by 2023.
In December 2020, the Financial Conduct Authority and final rule and guidance promoting better climate-related financial disclosures for United Kingdom premium listed commercial companies: Companies would be required to include a statement in their annual financial report which would explain whether their disclosures are consistent with the recommendations of the TCFD and to explain if they have not provided annual disclosures.
The Russian Central Bank has been among the first investors that declared interest in green finance.
In 2019, a special working group within the Russian Central Bank charged with a sustainable finance agenda produced the initial concept for green finance development in Russia.
The updated emission standards require that a decision to issue green bonds must establish a condition whereby the funds received from placement of the bonds must be used for purposes related to financing and/or refinancing the projects aimed at preserving and protecting the environment and/or projects that have a positive impact on the environment.
In December 2020, a new version of the Moscow Exchange Listing Rules came into force, which updated the requirements for the inclusion and maintenance of bonds in the Sustainable Development Sector.
In line with the global trends, many major Russian companies tend to be aware of the ESG trends and are working to improve their ESG profiles in order to become more financially attractive for global investors.
A green project should be, among other things, directed to increase efficiency for use of natural resources, decrease the negative impact to the environment, energy efficiency, and saving.
Further, the AIFC developed a set of policies on green finance, including the concept on introduction and development of green finance instruments and principles, the strategy of ensuring regional leadership of the AIFC in the sphere of green finance by 2025, and the Astana International Exchange Green Bonds Rules.
The Damu Fund, together with the United Nations Development Program, has placed a security in the amount of 200 million Kazakhstan tenges on the AIX.
See Concept for Implementing in Russia of the Methodological System for Development of Green Finance Instruments and Responsible Development Projects, approved by Minutes of the meeting of the Expert Council on Long-Term Investment Market No.
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