Sber and Eurasian Resources Group (ERG) have signed a Memorandum of Intent to cooperate on developing environmental, social and governance (ESG) standards, including green financing instruments, for the metals and mining industry.

The document was signed by Andrey Shemetov, Senior Vice President and Head of SberCIB, and Benedikt Sobotka, Chief Executive Officer of Eurasian Resources Group.

The parties plan to develop ESG standards for the metals and mining industry, including relevant targets and metrics, and apply ESG-linked financial instruments to support mining and metals production. Sber and ERG will also collaborate on matters concerning investment and export opportunities, with ERG receiving advice and information support from Sber on ESG risk analysis.

Shemetov said: “We have been working with ERG, one of the world’s leading mineral mining and processing companies, for a long time, and this partnership has been fruitful. Mining and processing are vital to the economy, and we are aware they entail certain environmental risks. That is why it is most important that market players adhere to ESG principles.

“We welcome ERG’s willingness to evolve ESG-wise and, for our part, are ready to facilitate the development of the company’s sustainable practices while offering a variety of green products and joint projects. I am confident that this work will contribute heavily to the attainment of sustainable development goals by our companies.”

Sobotka added: “We are pleased to continue our partnership with Sber. ESG factors and sustainable development goals have been at the heart of the group’s activities for many years, while responsible ‘green’ investments for project financing are more relevant today than ever. The ethical production of the metals of the future, such as the cobalt needed to produce electric vehicles and gadgets, is essential for the transition to a green and lower-carbon economy. This is a major part of the group’s overarching mission.

“This agreement will facilitate the introduction of ESG principles into our decision-making processes as we implement innovative projects in our regions of presence. We are confident that the new collaboration with Sber will make a significant contribution to the group’s progress in this respect.”