Ministry of Economic Development of the Russian Federation expects to introduce a bill on experimental carbon regulation by the end of 2021, the Ministry said in a statement referring to the words of Minister Maksim Reshetnikov at the International Congress Ecumene 2021 on Sustainable Finance. Mr. Reshetnikov also noted that by the end of the year amendments will be made to the law on greenhouse gas emissions, and the verification of reports of Russian enterprises will begin.

In July of this year, the Ministry of Economic Development of the Russian Federation submitted to the government a draft law ‘on conducting an experiment to limit greenhouse gas emissions in the Sakhalin region.’ Its goal is to achieve carbon neutrality in the region by the end of 2025. Besides Sakhalin, according to the Ministry of Economy, the Nizhny Novgorod Oblast, the Kaliningrad Oblast and the Khanty-Mansi Autonomous Okrug have also expressed their willingness to join the experiment.

The main argument in favor of choosing Sakhalin as the first experimental region was its isolation, i.e. this simplifies the task of controlling all sources of greenhouse gas emissions. ‘The draft law establishes criteria for the participants of the experiment, introduces the emission quotas mechanism and the obligation to purchase quotas in case the limit is exceeded’ said Vyacheslav Alenkov, Deputy Chairman of the Government of the Sakhalin Region. ‘As part of the experiment, the limit will be set at the current level.’

International Congress on Sustainable Finance: ECUMENE 2021 is supported by the United Nations. The general partner of the event is Gazprombank JSC.

Additional information is available at the following link.