Russia floats first law to regulate CO2 emissions

Russia is considering climate legislation

Russia Floats First Law to Regulate CO2 Emissions

Draft bill would give government powers to regulate CO2 and create carbon markets

Draft bill would give government powers to regulate CO2 and create carbon markets, but faces stiff opposition inside and outside Moscow administration

Russia is considering climate legislation that could give the world's fifth largest emitter a framework for regulating carbon emissions for the first time.

The draft bill would give the government powers to introduce greenhouse gas emission targets for companies, and charges for those that exceed them, with proceeds potentially going into a fund to support carbon-cutting projects.

The legislation, which has been drawn up by the Ministry of Economic Development, is under consultation with other ministries and stakeholders and expected to be finalised in June.

The framework includes different regulatory mechanisms, such as a cap and trade system of emissions permits and tax breaks for companies reducing or capturing their emissions.

Specific targets for particular sectors are not included. From the set of policy instruments presented, though, future governments would then be able to "select and apply, as required", says Alexei Kokorin, director of the climate and energy programme at WWF Russia.

The move has been welcomed by environmental NGOs which have long called for legally binding targets on greenhouse gas emissions in Russia.

Orginal Source