Business programme

Climate Economy: The Carbon Market as an Innovative Mechanism for Extrabudgetary Financing of Socially Beneficial Projects

15 Jun , 08:00–09:00
The World Economy at a Global Turning Point
Business breakfast
Congress Centre, zone E, conference hall E11
In partnership with Gazprombank<br />by invitation only

The climate economy encompasses both costs and possibilities, forming a tapestry of potential that extends far beyond mere slogans. While many associate this concept with distant lands, it is pertinent to recognize its relevance within Russia's borders. The energy transition, an integral facet of the climate economy, undoubtedly presents challenges, but it also ignites the spark of innovation. These opportunities are not exclusive to corporate giants alone; regional authorities too hold the reins of transformation. An exemplar lies in tackling the crucial socio-economic issue of curtailing the destructive impact of peat bog combustion. Several regions have taken strides towards utilizing carbon market mechanisms to facilitate peatland irrigation, powered by extrabudgetary sources. The concept is elegant in its simplicity: commercial enterprises undertake the task of peatland irrigation, which in turn curbs greenhouse gas emissions. These reductions transmute into a valuable commodity known as carbon units, garnering interest from the market. Through this synergy, two national objectives are concurrently realized: mitigating the peril of wildfires and diminishing net greenhouse gas emissions in alignment with the national low-carbon development strategy. Consequently, the ultimate financing stems from purchasers of carbon units, for whom it becomes a conduit to ameliorate their own carbon footprint. Such carbon units possess tremendous intrinsic worth and market value, as ventures that amalgamate multiple benefits are deemed lucrative in the international arena. In the context of peatland restoration, these encompass the abatement of greenhouse gas emissions, climate change adaptation, and the preservation of biodiversity. Consequently, their value is poised to soar, not solely on a domestic level but also in the global sphere.

Elena Borisenko, Deputy Chairman of the Management Board, Gazprombank

Aleksey Grenkov, Director for Corporate Finance, RUSAL
Victor Drozdov, Director of Communications and Investor Relations Department, Polyus
Mikhail Kotyukov, Acting Governor of the Krasnoyarsk Territory
Oleg Kuvshinnikov, Governor of the Vologda Region
Vasiliy Nomokonov, Member of the Management Board, Executive Director, SIBUR
Nazariy Skrypnik, Head, Federal Service for Accreditation
Ilya Torosov, First Deputy Minister of Economic Development of the Russian Federation
Alexander Shevelev, Chief Executive Officer, Severstal
Dmitry Yalov, Deputy Chairman of the Leningrad Region Government, Chairman of the Committee on Economic Development and Investment Activity of the Leningrad Region