Trading in carbon units worth 1,000 rubles ($14) per ton has already begun under two green projects on the island of Sakhalin in Russia's Far East, Economy Minister Maxim Reshetnikov said on Wednesday
MOSCOW (Pakistan Point News / Sputnik - 25th January, 2023) Trading in carbon units worth 1,000 rubles ($14) per ton has already begun under two green projects on the island of Sakhalin in Russia's Far East, Economy Minister Maxim Reshetnikov said on Wednesday.
"Now, two projects have already been registered in Russia and the issuing of carbon units has begun. They can be used both to reduce emissions and to meet the quota within the national emissions trading system," the minister said at the first climate seminar of the Eurasian Economic Union.
The trading system is now being tested in Sakhalin, he said. Currently, the price of one unit equals the fine for not meeting the quotas, Reshetnikov explained.
The fine for businesses for exceeding the greenhouse gas emissions quota has been set at 1,000 rubles per ton of carbon dioxide. They can avoid this fine by purchasing relevant carbon units from Russia's green projects. These funds can be used to help forest projects, the minister added.
Reshetnikov concluded that Russia had all the essential infrastructure for businesses to realize climate projects.
The experiment to limit greenhouse gas emissions in Sakhalin started on September 1, 2022 and will last until December 31, 2028. Its goal is to achieve carbon neutrality in the Sakhalin Region by December 31, 2025. To reach this objective, the region monitors all emissions and absorptions of greenhouse gases and introduces quotas.
