Russia (bbabo.net), - Paying for carbon is the most tantalizing issue on Russia's low-carbon agenda, Anatoly Chubais, special presidential envoy for relations with international organizations to achieve sustainable development goals, said at a government meeting chaired by First Deputy Prime Minister Andrey Belousov. At the meeting, the plan for the implementation of the National Strategy for the Socio-Economic Development of Russia with Low Greenhouse Gas Emissions, prepared by the Ministry of Economic Development, was discussed.
According to Chubais, even under the most optimistic scenario for Russia, if the EU transcarbon fee is $10 per tonne of CO2, it will cost our country's economy 1.5 trillion rubles. If, however, to lay the real price of $100 per ton of carbon, then it will be "a completely different life," RBC quotes a special representative.
In his opinion, in Russia it is necessary to introduce a fee for carbon emissions as soon as possible from 2023, so that these funds go to the budget of our country, and not replenish the treasury of the European Union.
Greenhouse gas emissions in Russia amount to more than 1.5 billion tons, even taking into account the absorption of CO2 by the forests and fields of our country. The current cost of greenhouse gas emissions allowances in Europe is $104 per tonne of CO2. In Russia, trading in CO2 emissions quotas according to the European template has not been introduced. In our country, there is a mechanism of "green" certificates, which are issued by enterprises that reduce emissions or implement climate projects to increase absorption of CO2. For example, planting new forests. These certificates can be purchased by "dirty" companies, which, for various reasons, cannot yet reduce their carbon footprint.
The European Cross-border Carbon Tax (CBAM) will operate under a simplified scheme from 2023. From 2026, it is planned to launch the mechanism fully. Importers of goods in the EU will have to purchase a certificate corresponding to the price for greenhouse gas emissions. Europe is Russia's main trading partner (2021 turnover - $282 billion), and we mainly export energy raw materials and resources to the EU. All Russian exports to the EU in 2021 amounted to $188 billion.
Russia's losses from the EU carbon tax could amount to $3-5 billion a year
At the same time, many experts believe that after the energy crisis in Europe, the introduction of CBAM in Europe will only be an incentive for further growth in prices for energy raw materials and, as a result, will lead to an increase in inflation, which will largely devalue both the losses of exporters and the benefit of the EU.
For example, Saxo Bank's 2022 forecast notes that the decarbonization of the world will increasingly lead to so-called green inflation. The green transition process will be supported by rising commodity prices and demand. Including this will be due to the need for investors to comply with the principles of ESG (high environmental, social and corporate responsibility -), prohibiting the financing of mining.
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