Some market players call a green mortgage the right step and an excellent incentive for the development of green development. Others are sure that so far this is more of a successful marketing ploy than a serious component of the ESG transformation of the industry.
Sber’s decision to launch a green mortgage program first of all forced market players to remember the match. “With the aim of developing green housing construction in the territory of the Russian Federation “Dom.The Russian Federation has developed a standard for green mortgages — GOST R 70346-2022 under the official name “Green Standards. Multi-apartment residential buildings are green.” In the EISZHS database (“Our.House.Houses with a green status and energy efficiency class have appeared, and already 18% of projects are marked according to six of the more than 30 mandatory criteria of the future standard (GOST R for MCD includes 81 green criteria — 37 mandatory and 44 voluntary). However, a full—fledged launch of a green mortgage is possible after its run-in on pilot projects,” explains Vladislav Preobrazhensky, Executive director of the Moscow Investors Club (KIM).
The expert emphasizes that the green mortgage is considered by the Bank of Russia as one of the tools for ESG business transformation, and the current initiative of Sberbank is just a step in this direction. However, the largest banks have repeatedly noted that the development of green mortgages is possible only if the requirements of the Central Bank of the Russian Federation for such products are relaxed, the interlocutor recalls BFM.ru .
“At the same time, it should be noted that the development of our legislation on this part is at the very initial stage. In addition to GOST R 70346-2022, we can mention the decree of the Government of the Russian Federation dated September 21, 2021 No. 1587 “On approval of criteria for sustainable (including green) development projects in the Russian Federation and requirements for the verification system of sustainable development financing instruments in the Russian Federation”. However, these regulatory documents are indicative and legally non-binding. The same GOST R does not replace the effect of standardization documents (national standards and codes of rules), as a result of the mandatory application of which developers ensure compliance with the requirements of Federal Law No. 384-FZ dated December 30, 2009 “Technical Regulations on the Safety of buildings and structures,” Vladislav Preobrazhensky notes.
Nevertheless, according to his observations, the general trend towards the development of green construction in megacities and large cities has now become quite stable. Developers, following the requests of modern consumers, are beginning to widely apply green technologies in their projects on a voluntary basis. A green mortgage can give them even more determination, although questions remain, of course.
Pavel Petrov, Director of the Commercial Department of Dogma
“The issuance of a green mortgage will contribute to the additional development of environmental products from developers. We see that any incentives related to changes in the interest rate, aimed at supporting sales, improving the product, always have a positive effect on the decision of customers, and a green mortgage will not be an exception. The important question remains, how many projects today really fit these conditions for discounting the interest rate for a green mortgage. We are confident that with the advent of this tool, the number of such products will only increase in the future. Therefore, it is a very good step on the part of Sberbank.”
Sergey Boldyrev, Shareholder, Chairman of the Board of Directors of BMS development group
“Construction approaches related to energy efficiency of buildings are already being applied by developers and will be applied even more — there is such a trend, and it is actively developing. And, of course, every customer will look for any opportunity to reduce their credit burden. But today’s figures are unlikely to give a serious boost in this direction. In addition to just taking care of the city and the citizens, developers, like buyers, should get a noticeable economic benefit. This will motivate developers to create appropriate projects, and persuade customers to buy from the relevant developers. The latter will increase the pace of sales and, as a result, the filling of escrow accounts, which in turn is an additional benefit for the bank. The benefit at the start benefits everyone after the project is implemented. And it seems to me that for high-quality competition, banks should independently regulate the rate and thus be responsible for the number of loans issued and their income.”
Elena Tarasova, Commercial Director of Plus development
“Today, in the mass segment of housing, when choosing an apartment, the consumer is more focused on price, transport accessibility, infrastructure, layout, rather than on eco-awareness. The possibility of saving on utility costs and getting a mortgage discount from the bank, of course, can be an additional incentive for the buyer, but not a determining factor. The buyer of an economy or comfort class home is aiming for additional preferences in the form of the same discount to the interest rate on a loan from a bank, but at the same time is not ready to overpay for green meters, the construction of which is more expensive and this cannot but affect the price. Now let’s take the business class segment and above: green standards with certified houses and energy efficiency will be in demand here – the buyer will undoubtedly pay attention that the apartment is located in a house built in compliance with environmental standards. But for purchasers of high-budget real estate, a discount of 0.3 percentage points on a mortgage loan is not a determining condition, especially since many prefer to pay with their own funds, without attracting a loan. The green mortgage is not yet a fully developed topic, it is rather at the stage of a market hypothesis. Therefore, it is too early to talk about stimulating the market to apply new approaches in construction through the introduction of green mortgages, but it will work as a successful marketing ploy.”
In continuation of the topic, Vladislav Preobrazhensky in a conversation with BFM.ru He stressed that KIM, who unites the leading developers of the capital, actively advocates a more flexible approach to the problem of ESG-business transformation in the investment and construction sector. In particular, the club has a proposal to establish rules for determining energy efficiency classes for non-residential facilities, taking into account their provision with charging infrastructure for electric vehicles and thereby create legal grounds for applying property tax benefits provided for by the Tax Code to such facilities.
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Another proposal is to legislatively stimulate developers in the construction of apartment buildings and public buildings of the highest energy efficiency classes with the placement of charging infrastructure for electric vehicles and hybrid cars through a public—private partnership with the participation of resource supply organizations.
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