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MKB has developed its own sustainable financing taxonomy

22.07.2021

Experts of the Sustainable Development Division of Credit Bank of Moscow (MKB) have developed an internal taxonomy of sustainable financing. It is a list of criteria to classify incoming projects as "green", "social", "sustainable" and "transition".

This taxonomy is based on both national and international requirements. Compliance with international requirements is important for MKB, who is present in the international capital market and implements the principles of scientific validity in line with the standards of EBRD (the bank's shareholder since 2012).

"With an internal taxonomy of sustainable financing, we can minimise the risk of potential greenwashing, and look more credible to external auditors, rating agencies, international banks and the investment community. At the same time, we actively support the process of harmonisation of national taxonomies with international ones and will be glad to contribute to the creation of the national hierarchy of sustainable development documents," underlined Julia Titova, MKB's First Vice President.