The formation of a market for carbon units was discussed at the “ECUMENE – 2023” forum
Climate change and the threat of global warming are increasingly raising questions about the future of the planet, which is why reducing the carbon footprint is one of the most important tasks for the entire global community, and the carbon market contributes to its implementation. As part of the financial forum "ECUMENE - 2023", a session was held during which participants discussed how emissions trading contributes to the transition to an environmentally sustainable economy.
Session participants noted that the scale of the carbon units market in the countries of the Eurasian Economic Union (EAEU) is quite limited and needs to be expanded. It is also necessary to clearly establish the status of a carbon unit as a commodity and create supranational registries for its verification. It is also important to build a hard infrastructure that will allow EAEU members to trade carbon units with third countries.
Irina Petrunina, Director of the Department of Competition, Energy Efficiency and Environment of the Russian Ministry of Economic Development: “The carbon regulation infrastructure in Russia has already been created and launched, the only question is to streamline the regulatory framework. In parallel, voluntary market instruments are being developed, including a system for implementing climate projects and issuing carbon units.”.
According to JSC Kontur, the operator of the register of carbon units, 84 thousand carbon units were issued in 2023, and many other projects are in the pipeline, including forest-climatic ones.
Olga Kalyuzhnaya, President of the Russian Forest Association: “Forest climate projects are aimed at retaining carbon in forests, which helps reduce its impact on warming the planet’s atmosphere and, consequently, on climate change. In September 2023, information about the first forest-climate project that was independently verified for compliance with legal standards was entered into the Russian register of carbon units. This is a project in the Sakhalin region, the implementation of which should ensure the absorption of 1.5 million tons of greenhouse gases over the next 75 years. According to specialists’ calculations, such activities begin to bring results within five years after the start and annually increase the production of carbon units even before the forest reaches maturity.”.
The carbon market demonstrates that environmental responsibility and financial gain can go hand in hand. By trading carbon units, companies seek to reduce their external footprint, and investors find new opportunities for profitable investments in green technologies and projects.