Green economy could accelerate Arctic development after corona crisis

US, WASHINGTON (ORDO NEWS) — Participants in the online meeting of the Arctic as a Pole for Attracting Green Investment discussion club, hosted by the Arctic Development Project Office (PORA), believe that a green economy could accelerate Arctic development after the coronavirus pandemic.

The director of the Arctic direction at the Far East Agency for attracting investments and export support Dmitry Fishkin noted that now the whole world is undergoing reformatting of the economy and social systems. In the new reality, approaches related to digital planning and integrated development, including closer attention to ecology, will be in demand.

“The Arctic here can become a pilot region for all these innovations – changing economic priorities, using more environmentally friendly management systems. The Arctic is mega-projects, it will be easier and more correct to run these new approaches on them,” says Dmitry Fishkin.

A package of “Arctic” bills on stimulating entrepreneurial activity, developed by the Ministry of Eastern Development and Development, is now being prepared for adoption. New support measures should give an additional impetus to projects in the Russian Arctic.

Ratings of companies and regions, which include green indicators, can become a tool for potential investors and partners, the moderator of the meeting, PORA expert on sustainable development, professor at the Faculty of Economics of Moscow State University said. M.V. Lomonosov Sergey Nikonorov.

“Now there is a taxonomy for the green economy and the activity of green enterprises, which is strictly regulated by the European Union. It contains all the requirements for projects – for example, the transition to a circular economy, the prevention of waste generation and recycling. I think these points should be taken into account international ratings. This will be an indication that much attention is paid to green financing in the Arctic, without which foreign investment in Russian Arctic projects is impossible, “said Alexander Vorotnikov, coordinator of the PORA Expert Council.

Ekaterina Malitskaya, an economist and specialist in Green Project Management, noted that so far there are no developed criteria for assessing whether projects are classified as green in the context of economic sectors. Large investors issue green Eurobonds, but there is no need to talk about some kind of systematic work. “I believe that it is necessary to launch green venture capital funds in the regions and on the basis of large corporations,” the expert is sure.

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