International trade in carbon units: Russian potential
A panel discussion entitled ‘International Carbon Credit Trade: Russia's Potential’ will be held as part of the business programme of the 25th Anniversary St. Petersburg International Economic Forum. Elena Borisenko, Deputy Chairman of the Management Board of Gazprombank, will be moderating the discussion. The Forum will take place on 15–18 June 2022 at the Expoforum Exhibition Centre.
Adapting economies to climate change and mitigating any negative environment impact remains an important task. Decarbonization is an objective reality for companies that is dictated both by changes in the balance of supply and demand on several markets as well as some of the international restrictions that are being introduced. The carbon trading system is one of the mechanisms used to encourage businesses to reduce greenhouse gas emissions and introduce low-carbon technologies. At the same time, voluntary markets for carbon units have been developed as a way to monetize climate projects that are being implemented by responsible companies.
“The current geopolitical situation can’t erase trends that have emerged globally over the past 30 years, starting with the 1992 Rio Earth Summit. In fact, the need to address climate change has become even more urgent. The importance of our country to a prosperous global climate agenda has only increased.
“The development of uniform rules for the creation, valuation, and trading of carbon units and carbon credits will be one of the real energy transition’s most important mechanisms and will make an important contribution to the ecology and conservation of Russia’s environment.
“We have begun to develop the carbon unit market in Russia and are mindful of the overall global trend, creating best practices for all EAEU member nations. We plan to present the first results at the 27th session of the Conference of the Parties to the UNFCCC slated for Egypt in November of this year,” Deputy Chairman of the Management Board of Gazprombank Elena Borisenko said.
During the session experts will discuss the following questions: What are some of the specific aspects of the architecture of the emerging national market for carbon units? What experience do participants in voluntary markets for carbon credits have? What is the potential market volume as part of the Sakhalin experiment and the economic effect for investors? What are the prospects for scaling up regional carbon experiments? What opportunities exist for integrating the national market of carbon units into the market infrastructure in the Eurasian region?
All the latest news on SPIEF 2022 preparations can be found on the forum’s official social media channels.
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