COP28’s Russia Day Showcases Progress Made by Russian Companies in their Fight Against Climate Change

Russian Business Day, held on December 11 at the COP28 UN Climate Change Conference in Dubai, demonstrated that Russian companies continue to fulfill their climate commitments and contribute to the global effort to combat global warming.

The oil petrochemical company SIBUR is making confident strides towards achieving its climate goals. These goals include reducing emissions by 5% in its gas processing segment and by 15% in the petrochemical segment by 2025, a five-fold increase in the use of green energy and achieving carbon neutrality at at least one of its facilities.

SIBURs forest-climate program, which envisages the planting of 5 million trees in the regions where the company operates to capture greenhouse gases by the end of 2025, is also making successful progress. As of today, 3 million trees have been planted.

SIBUR is making substantial investment in the modernization of its plants and the construction of new environmentally friendly production facilities. This is reducing the companys carbon footprint and enabling it to earn certified carbon units, with each unit equivalent to one ton of greenhouse gas emissions saved. SIBUR has already conducted Russia’s first transaction involving carbon units and is currently in negotiations for potential deals to sell its carbon units to China and India.

Elena Myakotnikova, Head of Climate Initiatives and Carbon Regulation at SIBUR, said, “COP28 international conference is the largest platform for exchanging views on critical climate-related issues. Environmental concerns should remain central not only to politicians but also to socially responsible businesses, such as SIBUR and other Russian companies that attended the conference this year. We hope that discussions on topics like carbon trading and forest-climate programs will aid in the global fight against climate change, an effort that can only be successful through collective action.”