Green finance market development in Belarus

Belarus is actively developing green finance mechanisms to implement projects in the areas of energy efficiency, renewable energy sources, and ecological modernization. Particular attention is paid to green bonds, which are issued to attract investment in projects aimed at improving the environmental situation.

To support and further promote these initiatives, UNDP Belarus hired a Russian consultant to develop methodological guidelines for using funds raised from government green bonds.

On April 10, 2025, the expert presented the specifics of using green bonds at a seminar organized by UNDP for over 20 employees of the Department for Energy Efficiency of the State Committee for Standardization of the Republic of Belarus.

Seminar participants learnt about practical recommendations for preparing documentation for projects to improve energy efficiency for financing through green bonds. The expert also presented a reporting system for transparent control over the use of funds raised through such bonds.

The methodological guidelines and materials developed as part of this assignment lay a solid foundation for the formation of a green finance market in the Republic of Belarus, which will contribute to achieving national goals in energy conservation and combating climate change. In addition, the implementation of the proposed methodology will promote a uniform practice regarding the issuance, monitoring, and application of green bonds within the Eurasian Economic Union.

The assignment was implemented with financial support of the Russian Federation within the framework of the project "Knowledge Management and Capacity Development in the UNDP-Russia Partnership".