First International Congress on Sustainable Finance ECUMENE 2021 took place in Skolkovo.

Over the past few years, many investors and corporations have taken steps toward sustainable development. Over the past year, for example, the number of signatories to the UN Principles for Responsible Investment has grown from 2 000 to 3 000. How do the major players in the global financial market see further development of the world's economic model? What threats have they faced and what opportunities have they discovered? What steps to take next? These questions were the subject of discussion at the section ‘Role of Asset Owners, Asset Managers and Financial Intermediaries in Sustainable Development’ at the International Congress on Sustainable Finance ECUMENE 2021.

Speakers from Russia, the United States, Luxembourg and China exchanged experiences. They agreed that the implementation of climate goals directly affects the success of business, as the market reacts to changes in the value of stocks. They also emphasized the importance of public and private sector representatives working together.

The discussion highlighted Russia's successes: our country was congratulated on last week's green taxonomy. ‘Some say that Russia is a special country in terms of combating climate change. It's slow to harness, but fast to ride’ said the moderator Jean-Claude Knebeler, Head of Sustainable Development Department, International & Comparative Law Research Center; Former Ambassador of Luxembourg.

Russian Speakers presented their views on sustainable development in the country. Alexey Antonyuk, CEO, Gazprombank-Asset Management, noted that Russia has yet to come to a real market need for ESG practices.

‘Unlike developed markets, where the green agenda is already being driven by the so-called 'invisible hand of the market', where investors demand green instruments and issuers receive cheaper funding, we are still at the very beginning of this journey. The strategic task for us is to form a critical mass, when we have our own ‘invisible market hand’ which will force investors to invest in these instruments (forcing them from an economic perspective).’

The panelists agreed that all countries face the challenge of continuing to raise funds in the coming years. There is also a clear challenge to raise awareness of sustainable investing. The experts also noted the importance of combining ‘green’ and social aspects.

International Congress on Sustainable Finance: ECUMENE 2021 is supported by the United Nations. The general partner of the event is Gazprombank JSC.

Additional information is available at the following link.