Russia’s finance ministry is proposing the nations $191 billion dollar wealth fund adopt environmental, social, and governance principles in their investment selection. While this puts him inline with the Russian central bank, Russia’s Economic Minister, and the rest of the globe he might face opposition from Putin. ESG buys wouldn’t be adopted until 2024 at the earliest and would work towards the country’s 2060 goals of being carbon neutral, but currently Russia is far from those objectives. They are the world’s 4th largest greenhouse gas producer and Putin sees their energy production as key to their global powers.
FINSUM: Russia is planning to ramp up its oil and gas production in the face of the global shortage, so don’t expect them to jump all in on ESG too quickly.