Oops! 20,000 Ton Diesel Oil Spill In Siberia Making It Harder For Russia To Sell "Green Bonds"
Shocked, shocked.
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"In theory, it's a tremendous opportunity for many Russian issuers to diversify their investor base," said Sergey Dergachev, a money manager at Union Investment Privatfonds GmbH in Frankfurt. "But at the moment, especially for metals and mining companies, potential green bond issuance might be tougher to accomplish."
Green finance should provide a channel for Russia to raise money to help with a much-needed transition away from a heavy dependence on fossil fuels. But the leadership of the world's fifth-biggest greenhouse-gas emitter has shown scant commitment to tackling climate change. A low-carbon development plan published in March envisages a small increase in emissions on current levels.
Investigators said that the unit of Nornickel had broken safety rules, resulting in the fuel spill, which threatens extinction for many fish, birds and mammals unique to Siberia's Taimyr Peninsula. Nornickel, which has pledged to fully fund a clean-up that could cost $146 million, has suggested the catastrophe may have been caused by climate change that led to permafrost melting. President Vladimir Putin publicly scolded management for not upgrading the tank before it leaked and the accident could become a catalyst for push through long-stalled environmental regulations.
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The efforts to develop green bonds in Russia, which are also supported by the central bank and government, are part of "international efforts to save the planet, reduce greenhouse gas emissions and restore nature," Miroshichenko said. It will allow companies to become "more sustainable," he said. As the global green bond market has grown it has faced accusations of greenwashing — making misleading claims about how effective at tackling climate change a project is — made worse by a lack of globally accepted standards or consistent verification.
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https://www.eenews.net/climatewire/2020/06/15/stories/1063389107