Russia makes greenhouse gas law

RUSSIA / FSU POLITICS - In Brief 04 Jun 2021 by Alex Teddy
On June 3 the Duma passed a law restricing the greenhouse gas emissions of private companies. A system to govern emissions will be established. Russia is the 4th biggest emitter in the world.The government shall encourage Russian firms to invest in environmental restoration and to cease behavior that injures the environment.The bill says that companies that emit 150 000 tons of CO2 (or equivalent) must reduce emissions from 2023. Those emitting 50 000 to 150 000 tons must cut their emissions from 2024. Companies will be able to gain carbon credits in exchange for environmental project investments. A carbon credit is a right to emit more CO2.The bill has to be approved by the Federal Council and the President to become law.For decades Russia paid no heed to the environment. The EU's carbon tax is going to oblige Russia to clean up its act.Russia intends to increase its fossil fuel putput ten times by 2035. But if the switch to green energy speeds up will there be a market for such volumes of fossil fuels?

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