According to the draft decision of the Ministry of Finance, the government wants to establish an Interdepartmental Committee to finance projects/expenditures aimed at protecting the environment and combating climate change, as well as in the areas of social and sustainable development.

It will be headed by the Minister of Finance as chairman.

Interagency Committee and Green Bond Project – click to open

The Committee will include representatives of 14 ministries:

• Ministry of Finance;

• Ministry of Environment, Water and Forests;

• Ministry of Transport and Infrastructure;

• Ministry of Research, Innovation and Digitalization;

• Ministry of Investments and European Projects;

• Ministry of Economy;

• Ministry of Energy;

• Ministry of Agriculture and Rural Development;

• Ministry of Entrepreneurship and Tourism;

• Ministry of Health;

• Ministry of Labor and Social Solidarity;

• Ministry of Family, Youth and Equal Opportunities;

• Ministry of Education;

• Ministry of Development, Public Works and Administration.

What exactly will the Interdepartmental Committee do?

The committee, among other things, will have to:

• identifies priority areas that can be financed by issuing bonds aimed at environmental protection and the fight against climate change, as well as in the areas of social and sustainable development, hereinafter referred to as “green”/social bonds;

• to approve the necessary elements for inclusion in the General framework of bonds aimed at environmental protection and the fight against climate change, as well as in the areas of social and sustainable development;

• approval of the draft General Provisions of bonds aimed at protecting the environment and combating climate change, as well as in the field of social and sustainable development, proposed by the Ministry of Finance for approval by the Government;

• evaluation of the list of potentially permissible green/social costs proposed by the relevant ministries;

• analysis, identification and development of a series of projects to be financed by future green/social bond transactions.