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HomeLatest NewsMaria Bagreeva: Moscow's green bonds won the "Green Eurasia" contest KXan 36...

Maria Bagreeva: Moscow’s green bonds won the “Green Eurasia” contest KXan 36 Daily News

Date: March 4, 2024 Time: 03:59:39

The competition is jointly organized by the Agency for Strategic Initiatives and the Eurasian Economic Commission to find effective climate practices aimed at sustainable development of the member states of the Eurasian Economic Union. About 300 applications from participants from eight countries were considered in ten contest nominations: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, Uzbekistan, Azerbaijan and Latvia. The authors of the winning projects in each category will receive recommendations to replicate their practices in the EAEU countries.

The works of the participants were evaluated according to eight criteria: “General idea and content”, “Novelty, uniqueness”, “Competitive advantages”, “Results and efficiency”, “Qualification and experience of the team”, “Confirmation of experts” , “Public Acknowledgment” and “Potential Replication”. The criteria “Results and efficacy” and “Potential for replication” concentrated almost half the weight of the evaluation of the work.

“Moscow received the prize of the competition as the first Russian region to issue sub-federal green bonds. This event served as an impetus for the development of the Russian green financial market. Investors believed in green bonds, evaluating a reliable and liquid instrument related to the current green agenda.The volume of placements in the development of the Sustainable Development Sector of the Moscow Stock Exchange, which before our issuance amounted to about 50 billion rubles, has increased by more than five to date.In addition, specifically for Moscow bonds, the exchange changed the Listing Rules, ensuring the possibility of admitting securities of all constituent entities of the Russian Federation in the Sustainable Development Sector”, said Maria Bagreeva.

The volume of green bonds issued by Moscow amounted to 70 billion rubles and became a record issue for a single issuer during the entire existence of the Sustainable Development Sector of the Moscow Stock Exchange. The proceeds were used to purchase 400 new electric buses, build and rebuild 21 stations and 30 miles of track on the Big Circle line. This allowed, by the end of 2022, to ensure an annual reduction of polluting emissions by almost 600 tons per year and of greenhouse gases in the city by some 30,000 tons per year, added the minister.

“Moscow intends to continue the successful practice of green financing and at the end of May it will issue green bonds for the population, which will allow citizens to participate in the city’s environmental projects. The funds received from their placement will be used for buy electricity buses for urban public transport.The advantage of the “public” issue will be the absence for the investor, the risks of losing funds: the bonds are not traded on the stock exchange and therefore do not lose value.In addition, citizens can sell them back to the city and receive income for the entire period of ownership. The placement of bonds will be carried out on the Finuslugi platform of the Moscow Stock Exchange, “added Maria Bagreyeva.

The award ceremony was held on May 24 as part of the II Eurasian Economic Forum, coinciding with the meeting of the Eurasian Supreme Economic Council with the participation of heads of state, members of the Eurasian Economic Union and observer states. The events are held within the framework of the presidency of the Russian Federation in the bodies of the EAEU in 2023.

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Hansen Taylor
Hansen Taylor
Hansen Taylor is a full-time editor for ePrimefeed covering sports and movie news.

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