Russian oil and petrochemical company, SIBUR committed climate goals at the recently concluded COP28.

The company has already conducted Russia’s first transaction involving carbon units. It is currently in negotiations for potential deals to sell its carbon units to China and India.

The goals:

The goals include reducing:

• Emissions by 5% in its gas processing segment
• By 15% in the petrochemical segment by 2025
• Five-fold increase in the use of green energy
• Achieving carbon neutrality in at least one of its facilities

Going forward:

By the end of 2025, SIBUR has plans to plant 5 million trees in the areas in which it operates as part of its forest-climate program. The objective is to capture greenhouse gas emissions. As of today, 3 million trees have been planted.

Additionally, the company is investing heavily in the building of new, environmentally friendly production facilities as well as the modernization of its existing plants. The project will enable it to lessen its carbon footprint and to obtain certified carbon units, which are estimated to be worth one ton of avoided greenhouse gas emissions.

Elena Myakotnikova, Head, Climate Initiatives and Carbon Regulation, SIBUR, said, “Environmental concerns should remain central not only to politicians but also to socially responsible businesses, such as SIBUR and other Russian companies that attended the conference this year. We hope that discussions on topics like carbon trading and forest-climate programs will aid in the global fight against climate change, an effort that can only be successful through collective action.”