Russia will start registering the first climate projects aimed at reducing the carbon footprint - report

The law on the creation of a registry of climate projects came into force on 1 September, according to TASS citing Vadim Petrov, State Secretary of the Environmental Chamber of Russia, Chairman of the Public Council at Roshydromet.

The law is aimed at reducing the carbon footprint of companies operating in the Russian Federation. Already in September, companies will be able to announce their climate projects, as a result of which greenhouse gas emissions have either been reduced or their absorption has been increased. The registry of climate projects will consist of a public website and an electronic database.

Thus, with an objective assessment of these projects, it will be possible to identify "gaps" and "weak spots" in their regulation and work at least six months after the start of the register, Petrov believes.

"Further optimization rather depends on the speed of reaction of legislators, executive authorities, the registry operator, public expertise and the level of openness to expert comments," the agency quoted Petrov as saying.

However, he expressed doubts that companies will be able to make serious money on the implementation of climate projects through the sale of carbon credits.

"One cannot but agree with the opinion that at this stage in the development of climate regulation in Russia, climate projects are more of a social nature than a commercial one. It is too early to talk about them as a pure business: neither regulation nor the market has yet been formed," he noted.

Petrov believes that carbon units can only be used by consumers to reduce their carbon footprint and comply with legal quotas for greenhouse gas emissions.

The introduction of carbon regulation in Russia, including through the creation of a market for carbon units, is the most important step for integration into the international system to combat climate change, experts say.

"Creating a register today is an opportunity to create a unified system for trading greenhouse gas emissions for the EAEU and the CIS," Petrov concluded.