Sergei Grishunin, School of Finance Seniour Lecturer, Took Part in the XIII International Forum "Ecology" Working Session

On May 24, 2022 Sergey Grishunin, senior lecturer at the School of Finance, managing director of the rating service of the National Rating Agency took part in the working session of the XIII International Forum "Ecology".

The speakers focused on issues of state policy in the field of sustainable finance, green financing and green bonds.The speakers focused on issues of state policy in the field of sustainable finance, green financing and green bonds.

During the discussion, Sergey Grishunin noted that the basis for the growth of the Russian green finance market should be institutional investors, the core of which in Russia can be development institutions and banks not only from Russia, but also from the CIS and BRICS countries. It is possible to increase the interest of investors and issuers in green instruments by creating conditions for the emergence of a "greenium" - a discount to profitability in comparison with "conventional" financing. This is possible, among other things, by providing both issuers and investors with a number of benefits. For example, a positive role could be played by the introduction of the practice of full or partial reimbursement of production costs, rating and verification of "green" projects and tools, the provision of benefits for environmental taxes and fees. To increase the interest of banks in green financing, it is a useful practice to introduce reduced reserve rates. It is possible to increase the liquidity of green issues by including them in the pawnshop list. We should not forget the benefits for investors in sustainable development instruments, for example, exemption from income tax and income tax on investors, the introduction of tax deduction practices. Finally, to increase market transparency, it is necessary to develop national standards for the preparation of integrated reporting by issuers. Sergey urged market participants to work more closely with leading Russian universities, such as the HSE, to develop and test risk assessment models of "green" financial instruments and integrate sustainable development factors into credit models and credit ratings.

The Ecology Forum is a public event of a unique scale and depth of immersion in the topic. The event focuses on changing the environmental agenda against the backdrop of big politics. The main goal is to identify new trends, changes in the market, necessary changes in the regulatory framework in the field of environmental protection, to form a new agenda and try to give a realistic forecast of environmental development under external pressure.

Forum program