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Belarus interested in introducing financial instruments to support green economy

Economy 15.03.2018 | 19:59

MINSK, 15 March (BelTA) – Belarus is interested in assimilating financial instruments to support green economy, BelTA learned from Belarusian Deputy Economy Minister Dmitry Matusevich during the seminar held by the Economy Ministry and the Organization for Economic Cooperation and Development to discuss the scale of green investments and finance in the country.

A national action plan has been adopted in Belarus for the period till 2020. Belarus is the second CIS state after Kazakhstan to adopt such a document at a high level.

The program on Belarus' social and economic development in 2016-2020 stipulates the introduction of financial instruments to support green economy in the medium term as a priority line of development. The instruments include green bonds, project financing by banks, the establishment of a green investment bank, and other things. At last, the policy in favor of the green economy is stipulated by the national sustainable development strategy for the period till 2030. It will receive additional support when the strategy for the period till 2035 is passed. Plans have been made for the new document to focus heavily on implementing the UN Sustainable Development Goals.

These measures are expected to logically result in an increase in the manufacturing capacity and the competitive ability of Belarusian companies on the global market. The measures will enable more effective management of natural capital, a better quality of life from the ecological point of view, stability and viability of the ecosystem and the economy.

“Belarus is interested in further introduction of financial instruments to support green economy through more effective green financing from the state and private entities,” noted Dmitry Matusevich.

A review of green finance in Belarus was presented during the seminar. It had been prepared under the supervision of the Organization for Economic Cooperation and Development as part of the Greening Economies in the Eastern Neighborhood (EaP GREEN) program with assistance of the European Union.

Participants of the seminar discussed the necessary initiatives and changes, which may contribute to enlarging the scale of green finance.

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