18.07.2021 13:09

The President of the Russian Federation signed the law on limitation of greenhouse gas emissions

President of the Russian Federation Vladimir Putin signed Federal Law No. 296-FZ dated July 2, 2021 "On Limiting Greenhouse Gas Emissions".

This law defines the basis of legal regulation of relations in the field of activities accompanied by greenhouse gas emissions and carried out on the territory of the Russian Federation, as well as on the continental shelf, in the exclusive economic zone of the Russian Federation, the Russian sector of the Caspian Sea. The purpose of the law is to create conditions for sustainable and balanced development of the economy of Russia while reducing greenhouse gas emissions.

The measures to limit greenhouse gas emissions include state accounting of such emissions, setting targets for their reduction and support in accordance with the legislation of the Russian Federation of activities to reduce greenhouse gas emissions and increase their absorption.

This law provides for the classification of legal entities and individual entrepreneurs as regulated organizations based on criteria established by the Government of the Russian Federation for economic and other activities accompanied by greenhouse gas emissions, the mass of which is equivalent to 150 or more thousand tons of carbon dioxide per year for the period until 1 January 2024, or 50 or more thousand tons of carbon dioxide per year for the period from 1 January 2024.

The regulated entities must submit annual reports on greenhouse gas emissions to the authorized federal executive authority by July 1 of the year following the reporting year. If the mass of these emissions is equivalent to 150 or more thousand tons of carbon dioxide per year, then the reports shall be submitted starting January 1, 2023; if it is equivalent to 50 or more thousand tons of carbon dioxide per year - starting January 1, 2025.

The law establishes the right of organizations and individual entrepreneurs to implement climate projects. Such a project is understood as a set of measures which ensure reduction (prevention) of greenhouse gas emissions or increase of their absorption.

A new category of property rights is introduced - a carbon unit. This is a verified result of the implementation of the climate project, expressed in the mass of greenhouse gases equivalent to 1 ton of carbon dioxide.

When calculating the carbon footprint, data on direct greenhouse gas emissions (generated by economic and other activities), their indirect emissions (associated with the consumption of electricity, heat, other resources obtained from external facilities), and the absorption of greenhouse gases as a result of economic and other activities are used, including the carbon units for which the offset has been made.

Federal Law № 296-FZ will come into force 180 days after its official publication.

The law is published on July 2, 2021 on the official Internet portal of legal information (www.pravo.gov.ru) and on July 7, 2021 - in the Rossiyskaya Gazeta.

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