Is Russia developing in a sustainable way?
Only time will tell, but as we documented in June—and in July, and then again in October—things are looking extremely sustainable.
But perhaps it’s time for a Sustainability Update? Lots of sustainable and socially responsible things have been happening in Russia, and it’s very sad that these heartwarming developments don’t receive sustained coverage in the Queen’s English.
At the end of December, United Russia—the permanent ruling party of cattle-tag crusaders—organized a series of talks, “People and the State: Priorities of Sustainable Development.”
Held at universities across the country, the lectures were designed to compliment United Russia’s “Green Economy” project.
The Uniparty’s website explained it was “extremely important” to preach ESG salvation to “students and young professionals”:
[The lectures] are aimed at increasing the number of people who share the principles of sustainable development, as well as environmental, social and corporate responsibility (ESG). Previously, this was reflected in the decisions of the President of Russia Vladimir Putin, state strategic planning documents, adopted and developed regulatory legal acts.
As the deputy of the State Duma, coordinator of the party project Yury Stankevich, today it is extremely important to acquaint students and young professionals with the novelties of the state policy in the field of sustainable development and ESG.
“Today, many large companies adhere to these principles, it is important to strengthen this behavioral model among young professionals,” Stankevich stressed.
The ESG Alliance, founded by Schwab disciple Herman Gref, continues to wrap its sustainable tentacles around Russia.
The Alliance recruited four new members at the end of December, including Rosatom (Russia’s state-owned nuclear energy corporation) and Norilsk Nickel.
In January the ESG Alliance released a report examining “prospects for ESG in Russia and the economic benefits of a sustainable business.”
Co-authored by Sber (of course), the study called for “mandatory assessment of ESG risks in public procurement”, “development and implementation of mandatory ESG indicators in investment projects, “tax deductions for private investors in green funds and deposits”, and “provision of state guarantees for ESG loans that meet the established requirements.”
Meanwhile, Russia’s central bank is up to its usual trickery—sorry, “socially responsible and sustainable finance.”
Hat tip to Jesse Zurawell (follow him on Telegram) for digging up these delicious morsels of sustainability:
The Bank of Russia revealed in a February 17 press release that it had ironed out new regulations for “corporate climate transition-related and Sustainable Development Goals (SDG) bonds.”
“The new requirements continue the development of the legal framework for the issue and circulation of sustainable finance instruments,” the statement said.
A month later, Russia’s central bank announced plans to “develop and publish recommendations on the integration of climate risks into the risk management framework of financial institutions in 2023–2024.”
New banking regulations could help shield the Russian economy from the scourge of climate change, the Bank of Russia suggested.
(By the way, for anyone interested: The Federal State Statistics Service has a section on its website dedicated to tracking Russia’s progress towards reaching its Sustainable Development Goals.)
There is a bit of good news, actually.
A recent survey of 17,000 Russian companies found that 40% of businesses cut spending on “ESG policies” in 2022. (Keep those sanctions coming?!)
At the same time, “84% of respondents reported that their companies have educational events that talk about ESG trends, in-house initiatives and ESG programs aimed at employees, their families and other stakeholders.”
ESG trends. Educational events. Stakeholders.
Sigh.
Writer: Edward Slavsquat
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