Gazprombank subsidiary GPB Komplekt acquired from SIBUR two thousand carbon units obtained as a result of the implementation of a climate project at the SIBUR-Khimprom enterprise and registered in the Russian registry. The purchased carbon units will be used to offset greenhouse gas emissions from Gazprombank's operating activities under Scope 1 (direct emissions).
This is the first major exchange transaction in the Russian register of carbon units since its launch in September 2022. The units were purchased as part of an auction on the National Commodity Exchange, the price was 700 rubles. per unit, which corresponds to current market conditions.
Carbon units were generated as a result of the implementation of a climate project at the SIBUR-Khimprom enterprise, which involves reducing greenhouse gas emissions during the production of dioctyl terephthalate (DOTP). Changes in technology have made it possible to reduce the specific consumption of natural gas per unit of production.
“Gazprombank, as one of the drivers of the sustainable development agenda in Russia, a member of the financial initiative of the UN Environment Program UNEP FI, conducts its activities taking into account the principles of environmental responsibility. The Bank has made voluntary commitments to reduce greenhouse gas emissions from its own activities, which it partially fulfills by purchasing carbon units from projects created in Russia and registered in the Russian registry,” commented First Vice President of Gazprombank Ekaterina Salugina-Sorokovaya.
“We see that the voluntary carbon market created in the Russian Federation is developing: business is increasingly involved in the implementation of climate projects and the production of carbon units, a market price for carbon is being formed, which serves as a guideline for business in terms of the investment attractiveness of such projects,” said the first Deputy Minister of Economic Development of Russia Ilya Torosov.
“The market for carbon units is just being formed, and it is very important for us that the NTB exchange platform is becoming for this market not only a place where sellers and buyers meet , but also an effective mechanism for identifying the market price for carbon units,” commented Nikita Zakharov, director of the National Commodity Exchange.
Gazprombank’s goals for reducing greenhouse gas emissions are outlined in the “Sustainable Office Concept” approved in 2022. The target is to reduce emissions by 20% by 2030 compared to 2019 levels. In addition to implementing programs to reduce its own emissions, the Bank also supports clients in their efforts to decarbonize by offering environmental advice, sustainability-linked lending, and responsible bond placements.
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