Partners from India, China, Indonesia interested in buying carbon units generated by SIBUR climate projects

SHARM EL SHEIKH. Nov 17 (Interfax) - Partners from India, China and Indonesia have expressed interest in buying carbon units generated by SIBUR's climate projects, an advisor to the Russian petrochemical group's CEO, Yelena Myakotnikova told Interfax on the sidelines of the UN COP27 climate conference.

"At the conference, SIBUR's team held bilateral meetings with partners from India, China and Indonesia in which demand was confirmed for [natural based solutions] and there was cautious optimism regarding the monetization of obtained effects," Myakotnikova said.

This refers to SIBUR projects involving solutions in the area of forest ecosystems. The company launched the Green Formula program at the beginning of this year, which calls for planting at least 5 million trees by 2025 in regions where the company has a presence. More than a million trees have already been planted so far this year, including in so-called carbon polygons opened with SIBUR's support. This project is now at the stage packaging, verification and validation.

At the Russian parallel event at COP27, Deputy Natural Resources and Environment Minister Sergei Anopriyenko said that his ministry intends to submit a bill on forest climate projects to the State Duma in 2022. Russian law does not currently provide a legal framework for their implementation.