SIBUR to register climate project with Global Carbon Council

MOSCOW, RUSSIA – Media OutReach Newswire – 12 December 2023 – SIBUR, a Russian petrochemical company, has reached an agreement that will allow it to issue carbon credits following the registration of a solar power projects at one of its facilities. The project will be registered with the Global Carbon Council (GCC), an international carbon offsetting programme. The agreement has been reached at the COP28 climate change conference in Dubai.

During COP28, the Qatar-registered GCC announced the launch of its own carbon credit registry, which, among other things, will enable Russian businesses to register projects and issue carbon credits, something they are currently prevented from doing by IHS Markit, an international carbon credit market operator.

SIBUR has applied to the GCC to register a solar power project at its POLIEF facility. Once the project is registered, SIBUR will become the first Russian company to issue carbon credits under an international programme since Russia established its own system for emissions trading. SIBUR plans to issue around 18,000 carbon credits.

The solar power plant, which has a capacity of 4.9 MW (10,080 solar panels) and takes up an area of more than 8 hectares, supplies power for the production of Vivilen PET pellets using recycled plastics.

Elena Myakotnikova, Head of SIBUR’s Climate Initiatives and Carbon Regulation, said:
“We have been upgrading our production facilities and reducing our environmental footprint thanks to consistent investment over a period of many years. The registration of our carbon credits with the Global Carbon Council will be a milestone in terms of recognition of our climate-related projects, laying the foundation for our carbon credits to be traded on the international market.”

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The issuer is solely responsible for the content of this announcement.

About SIBUR

SIBUR is the largest integrated petrochemicals company in Russia and one of the fastest-growing companies in the global petrochemicals industry. The Company’s unique vertically integrated business model allows it to create highly competitive products consumed in the chemical, fast moving consumer goods (FMCG), automotive, construction, energy and other industries worldwide. The key document outlining the focus areas of our ESG agenda is the 2025 Sustainable Development Strategy.

About Global Carbon Council

The Global Carbon Council (GCC) is a voluntary carbon offsetting programme that aims to assist the organisations reduce their carbon footprints, help sectoral economy to diversify by adopting low-carbon pathways and catalyze climate actions on ground.