Arctic’s green economy needs government support
© RIA Novosti. Pavel Palamarchuk

Arctic’s green economy needs government support

UN Environment Patron for Polar Regions Vyacheslav Fetisov and the World Wildlife Fund (WWF) have sent a letter to President of Russia Vladimir Putin asking him to instruct the Government to work out measures to support and develop the green sectors of the economy and mechanisms for green financing.

Specifically, they suggest the following support: establishment of additional green and climatic requirements for government purchasing, development of mechanisms for public-private partnerships in specially protected nature areas to promote ecotourism, create opportunities for the regional or municipal authorities to attract funds through green bond sales, issuance of goal-oriented sovereign green bonds for financing energy-efficiency programs, and developing the renewable power generating sector and other green economy sectors.

Fetisov and the WWF say that these approaches will create conditions for the cautious use of natural resources while at the same will, in the medium-term, promote people's health and provide for their wellbeing, and create new jobs and enhance the attractiveness of the Russian economy to foreign investors.

"Attracting foreign investment is an important objective, as important as developing mechanisms for public-private partnership, raising the effectiveness of budget expenditures and involving private funds, reads the letter. Over the past two years Russia has substantially raised the priority of sustainable development and made significant steps toward a green economy, specifically, Russia joined the Paris climate agreement in September 2019."