26.09.2022
First carbon units registered in Russia
The ratification of the Paris Agreement and the further adoption of the Strategy for socio-economic development of the Russian Federation with low greenhouse gas emissions up to 2050 have triggered the rapid development of the Russian greenhouse gas emissions management system.
Photo by: Veronika Saratovtseva / iStock
One significant milestone in the development of this system was the launch on 1 September 2022 of the Registry of Carbon Units of the Russian Federation, which contains information on climate projects, on carbon units issued as a result of these projects, on the transfer of carbon units by their owner to another person and the offsetting of carbon units. JSC “Kontur” was appointed as the operator of the register.
At the 529th session of the Federation Council held on September 21, 2022 Minister of Economic Development of the Russian Federation Maksim Reshetnikov presented a forecast of the social and economic development of the Russian Federation for 2023 and for the planning period of 2024–2025.
In questions from the senators, special attention was paid to the topic of implementing the climate agenda and the Sakhalin experiment.
“Issues of the climate agenda have long been economic issues, with about 60 countries declaring themselves carbon neutral and introducing various economic incentives,” Reshetnikov said.
A number of countries act in the logic of a carbon tax, some through the allocation of quotas. According to the minister, the climate agenda and energy transition are generally expected to accelerate in the current situation. The minister noted that the international climate agenda is being actively developed by our partners among Eastern countries, such as China.
The event does take on special significance with the September 16, 2022 agreements between SCO member states on the development of carbon markets, including approaches to participation in international carbon markets.
The first carbon units were registered on 20 September 2022 as part of one climate project. A total of 96 carbon units were issued into circulation. The project was implemented by LLC DalEnergoInvest in the Sakhalin Region — it is a solar power plant with a capacity of 250 kW.
Earlier, at the St. Petersburg Economic Forum, DOM.RF announced its intentions to issue carbon units in 2023 as a result of green building projects in the Sakhalin region.
The main issue of concern for business remains the cost of carbon units. The price will be set by the market. According to expert estimates the global climate target of limiting global temperature rise to 1.5–2 °C requires a carbon price of $40-80 per tonne CO2-equivalent, but most current initiatives are fundamentally lower.
Cover photo: Rikhard Makela / iStock
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