FBA EAC Proposes Prioritization of Environmental Transport (EGT) in the New Development Bank's Financing Strategy

During a meeting of the Financial Services Group of the BRICS Business Council, a proposal was advanced to integrate financing for the "green" economy, specifically focusing on environmental transport (EGT), into the strategic priorities of the New Development Bank (NDB). This initiative was formally presented by Alexey Kazartsev, Chairman of the International Banking Committee of FBA EAC.

Kazartsev recommended that the financing of the "green" economy be consolidated among the statutory objectives of the NDB and that this provision be formally incorporated into the final document of the BRICS Business Council following the meeting. He posited that the integration of environmental priorities into the bank's strategic framework would enhance the accessibility of green financial resources for BRICS member states and foster the advancement of joint sustainable development initiatives.

An expert specializing in international financial technologies and payment systems underscored that the inclusion of "green" priorities could serve as a foundational step towards the establishment of uniform standards for sustainable financing within the BRICS association. A formal decision regarding the proposed amendments will be reached subsequent to deliberations with the BRICS Business Council and coordination with the governing bodies of the NDB.

Within the context of the ongoing discussion agenda, the priorities of the Russian Federation's contribution for the year 2026 are of particular significance. These priorities encompass the development of transitional financing practices, the launch of the BRICS Sustainable Development Network expert platform, the establishment of a unified carbon market infrastructure, the creation of sustainable and climate bond indices for exchange-traded funds (ETF), and the promotion of climate bond issuance within the domestic markets of BRICS member states. Sustainable development has already been designated as a key focus area of the Indian presidency of BRICS in 2026, and the Business Council intends to continue building upon initiatives initiated during the Russian presidency in 2024.