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2.5 Russia delays implementing Paris Climate Accords
Russia has ditched plans to set greenhouse-gas emissions targets for companies as a sign of its commitment to fighting climate change, following lobbying from big businesses that risked fines if they didn’t comply.
The measure was part of a bill intended to accompany Russia’s ratification of the 2015 Paris Agreement on climate change in September. Instead, the world’s fourth-largest carbon polluter scrapped the proposal after the Russian Union of Industrialists and Entrepreneurs (RSPP) warned it would raise costs for companies and delay investment.
“After consultations with the government, it was decided to abandon the specific regulatory requirements,” the press department of the Economy Ministry, which is drafting the bill, said by email. “The government will have the right to decide after Jan. 1, 2024 what measures to introduce if Russia is forecast to miss its emissions targets.”
Rising global temperatures pose potentially devastating risks for Russia, where thawing of the vast permafrost area covering more than half the country threatens damage to buildings, energy pipelines and other infrastructure. With the Arctic warming twice as fast as the rest of the world, Russian government estimates put economic losses at $2.3 billion a year.
Russia is pledging to limit emissions to 70% to 75% of baseline levels by 2030. It has until the end of 2020 to present its new long-term strategy for reducing carbon emissions, according to Ruslan Edelgeriev, Putin’s senior adviser on climate change.
Russia is one of five countries whose climate commitments fall well below Paris Agreement goals
2.6 Gazprom $12bn mega project Ust-Luga gets greenlight
The Russian government has officially given the green light to Gazprom’s new megaproject, a $12bn gas and chemical complex in Ust-Luga, reports finanz.ru.
On Tuesday November 5, the state-owned company VEB.RF and the Baltic Chemical Complex (a fully-owned subsidiary of RusGazDobycha) signed a credit agreement to allocate 111bn rubles ($1.75bn) to the project.
11 RUSSIA Country Report December 2019 www.intellinews.com
