Sber prioritizes financing of green transformation

Oct 19, 2021

The Russian Energy Week International Forum had a session called “Russian Energy System and Climate Agenda: Evolution or Revolution”, which was organized in partnership with Sber. Heads of Russia’s major power holding companies, officials from the Ministry of Energy and the Russia Renewable Energy Development Association addressed the future of power consumption transformation, assessed the risks and capabilities of the state and businesses in terms of green development. Representing Sber was Vice President and Director of the Key Clients Department Olga Kharlamova.

According to Olga Kharlamova, the energy transition is fraught with high costs, which is why it is unlikely to happen without banks. As for Sber, it views green investing as one of its priorities. To those market participants that comply with ESG principles, Sber has to offer concessional finance: lower rates, a more flexible approach to the proportion of projects that need to be financed by project initiators, etc.

The participants also noted that regulatory support in green finance was vital. The bank currently develops the entire toolkit independently, while preferential conditions become possible only at the expense of the bank itself. The bank’s speaker said she hoped that the regulator and the state would become more active participants in the near future since they already have all the tried-and-true mechanisms at their disposal and only need to use them.

Olga Kharlamova, vice president, director of the Key Clients Department, Sberbank:

“With state support measures, banks widely introducing ESG principles into their business models can catalyse the Russian economy’s green transformation. As the largest financial institution in the country, our bank is interested in the development of businesses and the country, and it should be a proponent when it comes to financing the green transformation.”