Russia Announces That It Will Allocate Up To 2% Of GDP

Russia Announces That It Will Allocate Up To 2% Of GDP

Russia will invest between 1.5% and 2% of its GDP in reducing its greenhouse gas emissions by 80% by 2050 compared to 1990 levels, according to the new strategy adopted today by the Government coinciding with the climate summit , COP26, held in Glasgow ( United Kingdom ).

The Prime Minister, Mikhail Mishustin, announced after a meeting of the cabinet of ministers the approval of the ” Strategy for the socio-economic development of Russia with a low level of greenhouse gas emissions until 2050″, prepared by order of the president, Vladimir Putin.

Spanish President Pedro Sánchez (i) talks with his US counterpart, Joe Biden, during the G20 leaders’ summit.
Under the plan, Russia intends to ” reduce its emissions by 2050 by 60% compared to 2019 levels and by 80% from 1990 levels,” the Executive explains in a statement.

“The implementation of this plan will allow Russia to achieve carbon neutrality by 2060,” the government added. “The implementation of this strategy will require investments to reduce greenhouse gas emissions of around 1% of GDP between 2022 and 2030 and between 1.5% and 2% between 2031 and 2050,” he added.

The Executive does not specify how much of the GDP it will allocate to achieve the goal of carbon neutrality in 2060.

Among the decarbonisation measures envisaged by the Russian Government are measures to support the introduction and implementation of low-carbon or carbon-free technologies , the stimulation of secondary energy sources or changes in fiscal, customs and budgetary policies.

They also include the development of green finance , initiatives to preserve and increase the absorptive capacity of forests and other ecosystems, and support for technologies to capture and emissions of greenhouse gases.

Starting in 2023, Russia plans to introduce a mandatory carbon collection system for companies. Russia wants to start implementing climate projects “as early as next year,” Mishustin said.

The key task of this plan ” will be to ensure the competitiveness and sustainability of Russia’s economic growth in the context of the global energy transition,” he says.

The Russian Executive estimates that the Russian GDP will grow on average above the world average until 2050 ( up to 3% per year ). An action plan for the implementation of the strategy will be developed within six months by the Ministry of Economic Development.

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