17 Dec 2021 18:27

Russian carbon emissions market estimated at $50 bln - Putin

MOSCOW. Dec 17 (Interfax) - The Russian carbon emissions market is worth an estimated $50 billion, President Vladimir Putin said.

"Carbon emissions is essentially a new kind of business. The Russian market for trade in carbon units is estimated at $50 billion. Here is something to think about and something to work on. We also have major competitive advantages in this area," he said at the Russian Union of Industrialists and Entrepreneurs (RSPP) Congress.

Putin said it was essential for international decision-making related to cross-border carbon regulation to be free from signs of unfair competition.

It was reported with reference to the draft resolution of the RSPP Climate Forum, held in October, that Russian businesses expect the Russian government will be able to challenge the European Union's Carbon Border Adjustment Mechanism concept at the World Trade Organization. They are also asking for a system to be put in place to for accounting for the carbon footprint of Russian companies and are awaiting government support when implementing climate projects.