Moscow, March 24, 2021
The XIII Annual Conference “Russian Energy: How to Strike a Balance in New Conditions” organized by business newspaper Vedomosti took place in Moscow. Representatives of major corporations, government regulators of the industry, professional communities and non-profit organizations discussed the most pressing issues in the energy sector, such as renewable energy prospects. The conference was held with the support of S&P Global Ratings, an international rating agency, and Gazprombank acting as a strategic partner.
The impact of the pandemic and restrictive measures on the energy sector were discussed – from power consumption reduction to investment cutbacks, digitalization and industry innovation. The issues of transition from hydrocarbon energy to greener energy were also raised in view of the introduction of a cross-border carbon tax by foreign partners. One of the most important topics and a common thread running through all discussions of the panel sessions was renewable energy.
Vadim Dormidontov, Executive Vice President, Energy and Housing Industries, Gazprombank, spoke at the plenary session “Carbon Regulation: Risks and Opportunities of the Russian and World Markets” about the Bank’s contribution to the development of renewable energy in Russia and the relationship between the cost of raising funds and the environmental performance of the project. The session was moderated by Alexey Zhikharev, Director of Russia Renewable Energy Development Association.
“Today it has become clear that commitment to the principles of sustainable development is no longer a tribute to fashion or a trend, but an absolutely obvious financial advantage. In the future, companies will pay more for raising funds for projects outside the ESG concept than for green projects. Gazprombank realized the need to support projects aimed at the transition to low-carbon energy in 2015 becoming the first bank in Russia to start financing renewable energy,” Vadim Dormidontov said.
Gazprombank is a pioneer in the development of renewable energy in Russia. Its portfolio includes wind and solar energy projects in Russia with a total finance amount of more than 100 billion rubles and more than 1 GW of capacity, while over 60% of domestic renewable energy projects are generally implemented with the Bank’s credit support.