Sberbank, Gazprombank suggest state support of banks in ESG sphere

MOSCOW, Feb 17 (PRIME) -- Russian top banks Sberbank and Gazprombank has suggested that the government develop measures of state stimulation and support, like loan subsidies or tax exemptions for investors, for financial products developed on the environmental, social, governance (ESG) principles, representatives of banks told PRIME on Wednesday.

“Sber actively participates in many working groups that discuss sustainable development goals, creation of the ‘green’ financing market, and a switch to low-carbon development. It is very important for us that the central bank and the government approve measures aimed at support of green financing and creation of the legal base and infrastructure,” Sberbank First Deputy CEO Alexander Vedyakhin said.

The bank suggested state guarantees and subsidization of interest rates on ESG-loans, easing provision of loans to companies with good ESG-ratings, cutting requirements for reserves taking into account this rating, as well as relieving retail investors of taxes on investment in green bonds and green funds, he said.

Gazprombank also sees development of government stimulation of ESG financial products as the priority issue of the ESG agenda. The bank suggests consideration of state support of companies and investors in the area of taxation and regulatory requirements to capitals of banks and to investment portfolios of institutional investors.

Anatoly Aksakov, head of the financial market committee of the parliament’s lower house State Duma, said that introduction of financial products that meet sustainable development principles was necessary. “We need to rebuild the structure of our economy, and the sooner we do it the better,” he said.

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