The recent recognition of nuclear power as a part of Russia’s green taxonomy will pave the way for other countries to follow suit, believes Rosatom.
“Recognising nuclear power as a green source of energy through inclusion in the sustainable finance taxonomy confirms its status as a clean, low-carbon source playing a strategic role in global energy transition. It also means that such innovative nuclear energy projects, like SMRs, would have an access to green financing on favorable terms,” said Rosatom’s Chief Sustainability Officer Polina Lion.
Last week Russia’s Prime Minister Mikhail Mishustin approved the national Taxonomy of green projects, which defines compliance criteria for different sectors, including nuclear energy projects.
In spring 2021, Rosatom’s subsidiary Akkuyu Nuclear JSC attracted several ESG-linked loans from two of Russia’s top-10 private banks, Otkritie and Sovcombank. The loans are being given on special terms, including an interest rate reduction once the borrower fulfills its sustainable development covenants.
With nuclear projects now eligible for ESG-financing following this decision by Russia’s government, Rosatom hopes more countries will follow the trend. “The Russian green Taxonomy approves the efficiency of nuclear power in combating climate change. We hope that other countries will follow Russia and will officially recognize nuclear power as a green source of energy, to put joint efforts to ensure sustainable low-carbon economic growth,” added Polina Lion.