IRIIS, Russia’s national infrastructure project assessment and certification system developed by VEB.RF, the National PPP Development Center and AECOM with support from the Russian Ministry of Finance, has become one of the criteria of the government-approved taxonomy for sustainable projects.
The Russian Government approved the system of criteria (taxonomy) for sustainable (including green) projects and the verification requirements for these projects in Russia. The document is aimed at promoting investment and encouraging private funding for projects that contribute towards the national development goals.
The taxonomy for adaptational projects in the Sustainable Infrastructure area is to include building and modernising green infrastructure facilities. Evidence of compliance with the sustainability criteria will be successful IRIIS assessment. Specifically, the Environment and Climate aspect requires that a project should meet at least 55% of the criteria.
IRIIS is part of efforts to introduce the G20 Principles for Quality Infrastructure Investment into Russia. IRIIS went into test operation in 2021 on projects in different infrastructural areas. One of the tested projects is the Ufa East Exit on the M-5 Ural federal highway, which was granted the “Gold” level of attainment. Several more projects are in the pipeline, including building a railway to the Kaluga special economic zone under a concession agreement between Russian Railways and the Kaluga Region. IRIIS is scheduled to become fully operational in late 2021.
Svetlana Yachevskaya, Deputy Chairperson and Member of the Management Board, VEB.RF:
“The fact that IRIIS was included in the taxonomy for adaptational projects is an important strategic step in creating sustainable infrastructure in this country. The pilot projects show how it is important to have independent, efficient due diligence. Approved on federal level, the [IRIIS] system will make it possible to promote best practices in project preparation and implementation and will allow project participants to get more favourable terms of financing.”
