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Implementing ESG in the Financial Sector in Russia: The Journey Towards Better Sustainability

In: Responsible Investment Banking

Author

Listed:
  • Alexey Akulov

    (Vnesheconombank, Responsible Finance Unit)

Abstract

While environmental and social considerations have become a standard practice within many national and international financial institutions over the past decade, the Russian financial sector is still only taking its first steps towards better sustainability. Environmental matters in Russia have traditionally been a prerogative of state regulatory bodies. The philosophy of industrial companies, therefore, was, and in many cases still is, to comply with environmental regulation. Financial institutions lending to and investing in industrial companies preferred to distance themselves from their clients’ environmental issues. Social aspects, as currently understood within the ESG concept, received even less consideration. Tighter environmental regulation, however, and, more importantly, better enforcement, political developments, wider international cooperation, increased public awareness, and promotion of sustainability standards by major international finance institutions acting in Russia have now instigated a change of approach by financial sector companies to address ESG issues. This chapter will discuss what is happening, and why, and the key challenges to implement sustainability strategies into the financial sector operations in Russia.

Suggested Citation

  • Alexey Akulov, 2015. "Implementing ESG in the Financial Sector in Russia: The Journey Towards Better Sustainability," CSR, Sustainability, Ethics & Governance, in: Karen Wendt (ed.), Responsible Investment Banking, edition 127, pages 325-331, Springer.
    • Handle: RePEc:spr:csrchp:978-3-319-10311-2_19
    DOI: 10.1007/978-3-319-10311-2_19
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