SIBUR is considering selling carbon offsets in China

MOSCOW, RUSSIA – Media OutReach – 12 September 2023 – SIBUR is considering the possibility of selling carbon offsets generated by its Russian climate projects to the Chinese market, as disclosed by Elena Myakotnikova, Director of Climate Initiatives and Carbon Management at SIBUR.

Earlier this year, SIBUR successfully obtained international verification for a climate project that was completed at the company’s largest petrochemical facility, ZapSibNeftekhim. This verification was provided by the leading European validator, Verico SCE. Currently, the company is in the process of seeking verification for another climate project, which is being implemented at the SIBUR-Khimprom unit in the Perm region.

SIBUR is actively exploring cooperation opportunities for the sale of carbon offsets in the Chinese market. China boasts several climate exchanges with significant trading volumes, as highlighted by Myakotnikova during her presentation at the Eastern Economic Forum in Vladivostok, a forum dedicated to fostering economic cooperation between Russia and China. She also mentioned that three out of the eight Chinese validation and verification bodies are working with Russian companies.

Myakotnikova stated that SIBUR envisions the potential to structure 10 to 15 of its environmental initiatives as climate projects, which would produce carbon offsets verified by Russian or international standards.

Additionally, SIBUR’s 2025 Sustainability strategy includes various other initiatives such as recycling up to 1,7 billion plastic bottles annually, installing solar panels at the company’s unit in the Bashkortostan region, and planting 5 million trees as part of its nature-based solutions (NBS) climate project, Green Formula.

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