Plans to use Russian forest credits soon

Wednesday 2 Jun 2021

Petrochemical company plans to use Russian forest carbon credits from 2024 - Petrochemicals giant Sibur PJSC plans to offset some of its emissions by tapping the carbon- capture potential of Russia’s massive forests from 2024.

Sibur will consider buying carbon credits from projects that plant trees or boost the CO2 absorption capacity of existing woodlands, becoming one of the first Russian companies to do so. The country is keen to monetize the “carbon sink” potential of its vast forests, but such programs have faced criticism from climate scientists.

“From 2024, when Russia should adopt a methodology and verification of such projects, we hope to start using this option to offset our carbon footprint,” Maxim Remchukov, Sibur’s head of sustainable development, said in an interview. It’s part of an emissions plan that also includes growth in renewables, energy efficiency and carbon-capture and storage, he said.

Sibur is already supporting a carbon monitoring pilot project in western Siberia to assess the potential of local forests as carbon sinks. President Vladimir Putin estimated in April that Russia’s biosphere absorbs about 2.5 billion tons of CO2 equivalent every year, though the figure requires scientific verification.

Scientists and activists have found fault with carbon-offset programs, citing a lack of sufficient oversight. Europe, which is seeking to be the world’s first climate-neutral continent by 2050, doesn’t accept any contribution from offsets in its emissions-reduction plan.

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