In an op-ed published in today’s Moscow Times, Akin Gump Senior International Advisor Toby Gati analyzes emerging policy signals indicating an increased interest in renewable energy and energy efficiency projects in Russia.
Mrs. Gati is the former special assistant to President Bill Clinton for Russia and the Eurasian States and Assistant Secretary of State for Intelligence and Research.
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The Russian Federation’s carbon emissions are significantly lower than the limit placed on the country under the Kyoto Protocol, leaving Russia with the opportunity to sell a portion of its emissions quota. Under current prices, the total potential value of Russian carbon credits is estimated at around US$40 - US$60 billion. Given these facts, one would expect quite a bit of activity on the part of officials and companies to unlock this potential value - especially since the level of actual carbon credit trading in Russia has been quite low.
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In the Russian Federation, there has been scant attention - if any - to the upcoming UN Climate Meeting. The Russian media and press have been exceedingly focused on the upcoming (December 2, 2007) Russian Duma elections. Nevertheless, the Russian government has paid some attention to climate change issues recently.
President Putin issued a decree on October 21, 2007 entitled “On holding in 2008 in the Russian Federation an International Year of Mother Earth” implementing the UN’s declaration of 2008 as the International Year of Mother Earth.
The Russian Federation’s UN Representative offered the country’s position in the UN climate change debate by statement issued in August of this year. In the Statement, we see two key features that we believe reveal the base of Russia’s position on climate change - (1) the fierce clinging (at least for the near future) to the Kyoto Protocol and (2) a call to avoid creating an apocalyptic mood by dramatizing the issue and instead rely on comprehensive scientific research by leading national and international bodies. Read the rest of this entry »
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