MOSCOW, RUSSIA – Media OutReach – September 12, 2023 – SIBUR is considering the possibility of selling carbon offsets generated by its Russian climate projects on the Chinese market, as revealed by Elena Myakotnikova, director of climate initiatives and carbon management at SIBUR.
Earlier this year, SIBUR successfully obtained international verification for a climate project carried out at the company’s largest petrochemical facility, ZapSibNeftekhim. This verification was carried out by the main European validator, Verico SCE. Currently, the company is seeking verification of another climate project, implemented in the SIBUR-Khimprom unit, in the Perm region.
SIBUR is actively exploring cooperation opportunities for the sale of carbon offsets in the Chinese market. China has several climate exchanges with significant trading volumes, as Myakotnikova highlighted during her presentation at the Eastern Economic Forum in Vladivostok, a forum dedicated to promoting economic cooperation between Russia and China. She also noted that three of China’s eight validation and verification bodies work with Russian companies.
Myakotnikova said SIBUR is considering the possibility of structuring 10 to 15 of its environmental initiatives as climate projects, which would produce carbon offsets verified by Russian or international standards.
In addition, SIBUR’s Sustainability Strategy 2025 includes various other initiatives such as recycling up to 1.7 billion plastic bottles per year, installing solar panels on the company’s unit in the Bashkortostan region and planting 5 million trees as part of its Nature-Based Solutions (NBS) climate project, Green Formula.
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