Implementation of ESG-transformation strategy will provide long-term economic growth

Chairman of the Board of Sber Herman Gref stressed that the Corporation always prepares several macro forecasts regarding the economy: positive, conservative and negative. He noted that at the session of the Eastern Economic Forum (WEF), a negative, stressful scenario was announced, if the country does not take action in part ESG.

“However, the meaning of our work on the creation of an ESG-alliance is just in the development of solutions that will help the Russian economy to painlessly pass the world ESG transformation,” Gref added, noting that Russia is already implementing a positive scenario, which the company voiced before.

So, the Government of the Russian Federation is actively working on a low-carbon strategy project, has developed a plan to exit the country to carbon neutrality. These measures have already brought their fruits: the largest players will reorient industrial production, taking into account environmental factors, increase production efficiency, reduce greenhouse gas emissions, go to renewable energy sources.

According to Gref, such innovations are talking about the emergence of new growth points in the Russian economy. In addition, they will increase business investment activity, contribute to the creation of new jobs and accelerate the modernization of the economy under global ESG challenges, will provide long-term economic growth. “In this case, we can use ESG tools to diversify the economy and accelerate economic growth,” the head of the Sberbank summarizes.

Previously, Gref predicted that Russia’s energy export could be reduced after the energy transition. During the speech on the panel session of the Solve “Is Russia ready to global ESG transformation?” In the framework of the Eastern Economic Forum (WEF), he noted that by 2035 exports could fall at $ 179 billion, and already by 2050 – by 192 billion.

/Media reports.