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Russia to include nuclear power as a green activity

Russia’s state development corporation (VEB.RF) together with the Russian Central Bank, the Ministry of Industry and Trade, the Ministry of Natural Resources, the Ministry of Energy and representatives of the banking and business community discussed the draft national Taxonomy of green projects prepared by VEB.RF.

The document was developed taking into account the EU taxonomy for sustainable activities and providing for the Russian economy features. The main goal is to stimulate green activities and projects aimed at combating climate change and increasing the efficiency of natural resources exploitation.

Russian Minister of Economic Development Maxim Reshetnikov announced that the list of areas in which green projects can be implemented has been expanded based on the practices of other countries and a unique national classification was created.

The list of green activities of the Russian Taxonomy also includes nuclear power, which generates no direct CO2 emissions putting it on the same level as renewable sources. Projects in ecotourism, hydrogen and gas engine transport, forest-climatic and agricultural projects, transport infrastructure projects, as well as projects that reduce carbon dioxide emissions are now also considered green in Russia.

“These areas are recognised as green in other countries – in fact, we have adapted global standards to the Russian context,” said Mr Reshetnikov. “The decision will increase the level of confidence in the system on the part of foreign investors since the mechanism of green bonds has already been developed and remains in demand abroad.”

First Deputy Director General for Corporate Development and International Business of nuclear company ROSATOM, Kirill Komarov highlighted that the nuclear industry has the highest international safety standards and ROSATOM adheres to the unconditional principle of Do no significant harm.

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