SIBUR sells carbon offsets from ZapSibNeftekhim project to Qiwi via blockchain platform

MOSCOW. Aug 22 (Interfax) - SIBUR on Monday completed its first transaction to sell carbon offsets produced as part of a climate project at ZapSibNeftekhim to payment services group Qiwi , the petrochemical company reported.

The deal enabled Qiwi to completely offset 2022 Scope 1 and 2 greenhouse gas emissions in the amount of 3,121 tonnes of CO2 equivalent.

The transaction to acquire and redeem carbon tokens (the digital equivalent of a unit of greenhouse gas reduction) was carried out "using the Green digital platform based on blockchain technology, which ensures a high level of data transparency, traceability and immutability throughout the climate project life cycle," SIBUR said.

"SIBUR has thus become the first industrial company in Russia to carry out a transaction to sell CO2 offsets on a blockchain platform," the company said.

SIBUR secured international verification of certified emission reductions earned by its climate project at ZapSibNeftekhim to recycle by-products in February. As a result, SIBUR certified emission reductions (CER) totalling 3 million tonnes of CO2 equivalent for 2017-2022, which is equivalent to 3 million carbon units.