GreenEco Investments participated at the SPIMEX’s business breakfast

On 14 October 2021 "GreenEco Investments" LLC participated in the business breakfast of the Saint Petersburg International Mercantile Exchange (SPIMEX) "Carbon attack: driver of development vs risk of discrimination?", held within the Russian Energy Week (REW - 2021).

The event was dedicated to the global transition to renewable energy sources, the drivers of which are the Paris Climate Agreement, the growing role of decarbonization in the environmental policy of most countries, including the introduction of the European Union's carbon border adjustment mechanism (CBAM). 

The speakers at the breakfast were the Chairman of the Federation Council Committee on Agricultural and Food Policy and Environmental Management Alexey Mayorov, Deputy Chairman of VEB.RF Andrey Klepach, Vice-President of the Russian Federation Chamber of Commerce and Industry Dmitry Kurochkin, Head of LUKOIL Energy Directorate Vasily Zubakin, as well as representatives of relevant ministries and business leaders.

The SPIMEX President Alexey Rybnikov welcomed the participants to the discussion: “The agenda of carbon regulation began to develop rapidly less than a year ago. If it were not for the introduction of a cross-border carbon tax by the EU, the process could have been much slower. The threat has forced all stakeholders in the country into action: the first decrees, regulations, and draft strategies have been developed. And potential market participants and the stock exchange now face the challenge of developing and implementing clear time-bound plans, including for carbon trading.”

“GreenEco Investments” LLC presented an analysis of the terms for attracting business to climate projects in the Russian Federation. The company was represented by a Member of the Supervisory Board Igor Kolesnikov and Director of Business Development Denis Subbotin.

“Globally, we are witnessing the formation of carbon unit markets with different pricing models. Steps are needed to create a legal and organizational framework for the development of a relevant market in our country. In the meantime, attention must necessarily be paid to CO2 sequestration projects, and Russia has great potential in this area. It is vital to create an attractive environment for private capital, by ensuring that the investor can transfer ownership of the carbon units generated by projects. There is also a need for a national registry of carbon units to avoid “double counting”. The formation of the regulatory base in this area will require some time, but there is already the possibility to start implementing pilot projects within voluntary certification systems", – a member of the Supervisory Board of "GreenEco Investments" LLC Igor Kolesnikov emphasized.

The business breakfast repeatedly highlighted the importance of creating a national carbon regulatory system in Russia. And this, above all, requires the development of a legislative framework for climate, green projects, and accounting for the effects of their implementation.
“We [in Russia] have no internationally recognized gauges, no measurements and no means of accounting. It is all of a kind of virtual nature,” – an assistant Head of the Russian President’s Administration Anatoly Yanovsky said.

Russian Energy Week is an international forum which was established in 2016. It is aimed at demonstrating the prospects of the Russian fuel and energy industry and developing the potential of international cooperation in the energy sector.