Kyoto Protocol come into force

Thursday, March 4, 2021

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With the Kyoto Protocol having come into force, the Russian government has compiled a national plan of action to become operational within two or three months, said Sergey Roginko, chairman of the joint projects committee and member of the Kyoto protocol council under the presidium of the Russian academy of sciences. He described this document at a RIA Novosti press-conference as an attempt to unite all efforts to make Russia involved in the Kyoto process. The plan contains assignments to different ministries on preparing greenhouse gas monitoring systems, regulations for the carbon market in Russia, and above all, a control system for joint implementation projects. The Kyoto protocol being an indisputable reality calls for Russia's rapid enactment of laws and norms so that the country might become a full-fledged participant in the Kyoto market mechanism. What is implied above all is the establishment of greenhouse gases control and monitoring, national registers and land-surveys in order to carry out accountability meeting uniform world standards. The task under review is, in its first stage, the competence of legislative and executive branches. Business too is being prepared for the implementation of the Kyoto protocol by setting up facilities to examine the carbon market and its potential, including the Energy carbon foundation of the United Energy Systems of Russia and the Joint Projects Committee, said Roginko. These facilities have been designed to prepare emissions reduction projects and modernization schemes for Russian enterprises within the format of the Kyoto protocol and to look for investors. Roginko put a special accent in his statement on myths accompanying the Kyoto protocol theme. "One of them is that trading 'hot air' Russia can allegedly flood the entire market with its cheap quotas," said Roginko. "There is even the apprehension abroad that Russia can crush the world quota market." "This is completely groundless because quota trading implies trade between those nations that have taken upon themselves the Kyoto obligations, which means that Russia will be able to sell only what is ordered. We have got not a single such order for the time being," said Roginko. However, there are many proposals from private investors and national foundations to take part in Joint Implementation Projects, seen by Russia as the most promising area of the Kyoto mechanism today. It enables the investor to receive emissions quotas while the host side will gain on investments.