Russia to trade carbon credits

RUSSIA / FSU POLITICS - In Brief 24 Mar 2021 by Alex Teddy
On March 23 Moscow announced that it is setting up a digital platform to collate satellite and drone images and data about forests in the Russian Far East with a view to selling them on a carbon offsetting market. The system is called ''Lesvostok.rf'' which means ''forest east.'' It will be launched later in 2021. That will enable the government to lease the forest to businesses that can plant more trees or preserve extant ones.The Minister for the Development of the Far East believe that the area can be a carbon capture hub. The company investing in the forest could set up and trade a carbon credit if statistics prove that the leased zone's CO2 absorption has been increased.Russia is number 4 in terms of greenhouse gas emissions. It exports huge amounts of hydrocarbons. Moscow would like to mollify environmentalists with this move.Russia has not ratified the Paris Deal. Moscow has a baseline emissions level that is so huge that it needs to do very little to comply with the Paris Deal.Russia has 20% of the world's forests. The Far East has 640 billion trees and absorbed 620 million tons of CO2 in 2018. That is only 38% of Russia's emissions Bloomberg said.By November 1 2021 the Far East Development Ministry will finish its digital platform experiment and choose whether or not to widen its list of services and geographical scope.

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