Russia considers plan for wealth fund to meet sustainability criteria

Russian president Vladimir Putin. Picture: SPUTNIK/ALEXEI DRUZHININ/KREMLIN VIA REUTERSussia’s finance ministry has proposed adopting sustainable development principles to select investments for the country’s $191bn wealth fund, a move that could face opposition from President Vladimir Putin, who has repeatedly tapped it to pay for oil and gas projects.

The finance ministry’s position is in line with the central bank’s, but Putin views the energy industry as a key to Russia’s geopolitical power and has used the wealth fund to finance projects that were hit by Western sanctions. The proposal comes amid a shift in Russian tone about the environment, with Putin saying this month Russia plans to become carbon neutral by 2060. Russia is the fourth-largest greenhouse-gas polluter and contributes about 5% of carbon dioxide emissions globally.

Saudi Arabia’s $430bn sovereign wealth fund is planning its first green debt issuance as it looks to help reshape the kingdom’s reputation on environmental issues.

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