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Russia has called for unified standards on sustainable financing among the member states of the Shanghai Cooperation Organisation (SCO), presenting best practices and proposals to support regional investment and enhance the evaluation of environmental, social, managerial, and non-financial risks, TV BRICS reported.
This initiative was proposed by Nikita Kondratyev, Director of Multilateral Economic Cooperation and Special Projects of the Ministry of Economic Development of Russia, during a recent meeting of the SCO working group on investment in Tianjin, China. The announcement was published on the Ministry of Economic Development of the Russian Federation's official website. "Sustainable projects are impossible without exhaustive tools for attracting capital. [...] Our goal is to create an effective regional architecture of sustainable finance, which will take into account the peculiarities of doing business in the SCO countries," Kondratyev said. During the meeting, participating countries focused on developing tools and mechanisms to improve the regional investment environment. Discussions revolved around enhancing the investment climate, protecting investor interests, and attracting financial flows into key priority sectors, reported TV BRICS. Officials examined how unified standards and supportive frameworks could make capital more accessible and create more favourable project conditions across the region. Particular attention was paid to methods that could enable project launches on advantageous terms, encourage long-term commitments, and reduce financial risks. The intent is to build a cohesive approach to investment sustainability that incorporates the specific economic and regulatory conditions of SCO nations. Sustainable or green financing--also referred to as ESG (Environmental, Social, and Governance) financing--considers more than just profitability. It integrates a broader evaluation framework to ensure investments align with responsible and ethical practices. TV BRICS reported that these principles have become increasingly important for global investors and policymakers alike. With its proposal, Russia aims to lead efforts toward a regional system that not only meets global ESG benchmarks but also aligns with the practical realities of SCO economies, providing a shared foundation for cross-border cooperation in sustainable development. (ANI)
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