Russia's Ministry of Economy proposes introducing carbon fee system

Ilya Torosov, First Deputy Minister of Economy of the Russian Federation, recently expressed the need to introduce a carbon fee system in Russia, the rating agency Rusmet reported.

The aim is to raise funds to decarbonise the country. The introduction of a carbon tax is currently being discussed with the business community and the authorities. Torosov stressed the possibility of extending the carbon fee to certain sectors only, subject to certain conditions.

In connection with the introduction of the Carbon Border Adjustment Mechanism (CBAM) in the European Union, which affects imports of steel, aluminium, fertilisers, cement, electricity and hydrogen, the Deputy Minister noted that Russia is also actively implementing carbon regulation. Countries such as China, India, Turkey and Kazakhstan are responding to the European cross-border mechanism by implementing their carbon management strategies.

Torosov stressed that successful decarbonisation of the economy requires the involvement of business. The issues of greenhouse gas emissions accounting in all sectors of the economy are becoming key, and without the active participation of business, it will be impossible to achieve decarbonisation targets.

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