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    Russia targets carbon neutrality by 2060

Summary

Moscow is also planning to launch a carbon trading system.

by: Joseph Murphy

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Russia targets carbon neutrality by 2060

Russia is striving to become carbon neutral by 2060, Russian president Vladimir Putin said at an energy conference in Moscow on October 13.

"Russia in practice will strive for carbon neutrality of its economy," he said at Russian Energy Week's plenary session. "And we set a benchmark for this – no later than 2060."

Putin added that the role of oil and coal in the world's energy mix would diminish over time, but he did not comment on the place that natural gas would have. Under its long-term energy strategy, Russia is striving to produce up to 1 trillion m3 of gas by 2035, up from under 800bn m3 currently. Driving this growth will be the development of new fields in the Arctic region.

"The planet needs informed, responsible action by all market participants – both producers and consumers – focused on the long-term, in the interests of the sustainable development of all our countries," Putin said. "Russia is ready for such constructive and close cooperation."

Under a plan announced in September, Russia will start requiring companies with emissions above 150 kilotons of CO2/year to report those emissions in 2022. The threshold will be lowered to 50 kilotons/yr in 2024 – the year that the government hopes to approve a law on a national carbon trading system. The system will be piloted in 2025 and go into full-scale operation in 2026, coinciding with the EU's launch of its carbon border adjustment mechanism.

A carbon trading scheme for the Sakhalin region in the Russian Far East will be piloted next year, as part of its ambition to become Russia's first carbon neutral region by 2025.