Make the most of it

9 December 2009 By Jason Bush

Industrial decline has given Russia one asset, a vast supply of tradable carbon offsets. But a sudden sale would flood an already fragile market. An offer to write off some of the credits would help make Copenhagen a success. Russia would gain politically and economically.

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The twoweek Copenhagen international summit on climate change began on Dec. 7. The summit aims to pave the way for a new international climate treaty to replace the 1997 Kyoto Protocol. Under Kyoto, countries that reduce carbon emissions receive offsets (carbon credits) that may be sold to other countries, allowing the latter to increase their emissions.

Russia will accumulate offsets equivalent to an estimated 5.5 billion tonnes of carbon dioxide by 2012, having reduced its emissions by around a third since 1990, reflecting the decline of Soviet heavy industry. Russia accounts for 17.5 percent of all global carbon emissions. It is the world's third largest emitter, but its carbon efficiency is 40 percent lower than China, the largest, and 90 percent lower than the United States.

A Russian government strategy published in April called for urgent national and international action to combat climate change. Russia also aims to boost its energy efficiency by 40 percent by 2020.

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