Some of the largest businesses in Russia are calling for their government to make an abrupt U-turn on the Kyoto ProtocolThe Kyoto Protocol originated at COP-3 to the UNFCCC in Kyoto, Japan, December 1997. It details emission obligations for Annex B countries and specifies the terms for JI, CDMClean Development Mechanism - a mechanism for project-based emission reduction activities in developing countries (non-Annex B countries). Carbon credits (CERs) are generated from these projects. and emissions tradingA market-based approach to achieving environmental objectives that allows sources reducing emissions below their target to sell the excess reductions to offset emissions at another source.. It entered into force on 16 February 2005.. The Russian government took a hostile stance towards the Kyoto ProtocolThe Kyoto Protocol originated at COP-3 to the UNFCCC in Kyoto, Japan, December 1997. It details emission obligations for Annex B countries and specifies the terms for JI, CDMClean Development Mechanism - a mechanism for project-based emission reduction activities in developing countries (non-Annex B countries). Carbon credits (CERs) are generated from these projects. and emissions tradingA market-based approach to achieving environmental objectives that allows sources reducing emissions below their target to sell the excess reductions to offset emissions at another source.. It entered into force on 16 February 2005. at the end of last year, but businesses fear that the country could benefit from U.N. carbon markets after 2012 if the decision was reversed.
Whether the Russian government will participate in an extended phase of the Kyoto ProtocolThe Kyoto Protocol originated at COP-3 to the UNFCCC in Kyoto, Japan, December 1997. It details emission obligations for Annex B countries and specifies the terms for JI, CDMClean Development Mechanism - a mechanism for project-based emission reduction activities in developing countries (non-Annex B countries). Carbon credits (CERs) are generated from these projects. and emissions tradingA market-based approach to achieving environmental objectives that allows sources reducing emissions below their target to sell the excess reductions to offset emissions at another source.. It entered into force on 16 February 2005. remains to be seen. Later this month the Russian Union of Industrialists and Entrepreneurs Group will ask the government to change their plans. The group includes Russian utilities, industrial companies and banks and some of the most powerful figures in Russian business.
If the Russian government agrees it will allow Russian companies to earn carbon credits post 2012, using the Joint ImplementationJoint Implementation is a mechanism under the Kyoto ProtocolThe Kyoto Protocol originated at COP-3 to the UNFCCC in Kyoto, Japan, December 1997. It details emission obligations for Annex B countries and specifies the terms for JI, CDMClean Development Mechanism - a mechanism for project-based emission reduction activities in developing countries (non-Annex B countries). Carbon credits (CERs) are generated from these projects. and emissions tradingA market-based approach to achieving environmental objectives that allows sources reducing emissions below their target to sell the excess reductions to offset emissions at another source.. It entered into force on 16 February 2005. for transfer of emissions permits from one Annex B country to another. JI projects generate ERUA tradable credit generated and issued from a JI project that represents GHG emission reductions equivalent to one tonne of CO2e. credits. scheme. The group includes Rusal (the biggest aluminium company in the world), llim and TNK-BP. Michael Yulkin, a carbon market lobbyist reportedly said: “We will ask the government to revisit its position and support existing and future market mechanisms.”
At the U.N climate talks in Durban, South Africa, Russia declined to join the 36 countries that pledged to shoulder new emission goals under the Kyoto ProtocolThe Kyoto Protocol originated at COP-3 to the UNFCCC in Kyoto, Japan, December 1997. It details emission obligations for Annex B countries and specifies the terms for JI, CDMClean Development Mechanism - a mechanism for project-based emission reduction activities in developing countries (non-Annex B countries). Carbon credits (CERs) are generated from these projects. and emissions tradingA market-based approach to achieving environmental objectives that allows sources reducing emissions below their target to sell the excess reductions to offset emissions at another source.. It entered into force on 16 February 2005.. This extended phase could now run until beyond 2017. However, the climate policy advisor to the Russian President, Alexander Bedritsky reportedly confirmed that “in a broad sense there is no interest for Russia in Joint ImplementationJoint Implementation is a mechanism under the Kyoto Protocol for transfer of emissions permits from one Annex B country to another. JI projects generate ERUA tradable credit generated and issued from a JI project that represents GHG emission reductions equivalent to one tonne of CO2e. credits..”
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