Putin signs Russia’s 1st law on curbing Greenhouse gas emissions

Moscow : Russian President Vladimir Putin signed on Friday the country’s first law on limiting greenhouse gas emissions, according to the legal information portal.

The Russian parliament’s lower house passed a bill on greenhouse gas emission curbs in line with the 2015 Paris climate goals in June, with the upper house approving the document later that month.

The law regulates economic and other activities in the territory of Russia that lead to greenhouse gas emissions. The document sets a target for reducing the emissions, based on the absorbing capacity of forests and other ecosystems, and the need to ensure sustainable and balanced social and economic development.

Businesses, in turn, receive an opportunity to implement climate projects aimed at reducing greenhouse gas emissions or increasing their absorption. To this end, the criteria for classifying projects as environmental and the procedure for verifying their results will be established.

The legislation also lays out a system of emission checks and carbon capture projects as well as incentives for “green” measures in industries labeled as “significant” CO2 producers by the government.

President Vladimir Putin tasked the government last November with taking measures to cut carbon emissions by 70% by 2030 compared to the 1990 level and drawing up a roadmap for carbon-dependent Russia to transit to a greener economy by 2050.