Proposal for an International Carbon Market initiated by SIBUR

SIBUR supports the creation of an international carbon market and presents its climate strategy at the Russia-Africa summit, focusing on sustainable development and initiatives to reduce CO2 emissions.

Share:

Gain full professional access to energynews.pro from 4.90$/month.
Designed for decision-makers, with no long-term commitment.

Over 30,000 articles published since 2021.
150 new market analyses every week to decode global energy trends.

Monthly Digital PRO PASS

Immediate Access
4.90$/month*

No commitment – cancel anytime, activation in 2 minutes.

*Special launch offer: 1st month at the indicated price, then 14.90 $/month, no long-term commitment.

Annual Digital PRO Pass

Full Annual Access
99$/year*

To access all of energynews.pro without any limits

*Introductory annual price for year one, automatically renewed at 149.00 $/year from the second year.

As the Russia-Africa summit takes place in St. Petersburg this week, discussions are actively focusing on crucial global issues such as food security and climate change, which can only be resolved through a collaborative effort by many countries.

SIBUR’s Climate Strategy at the Russia-Africa Summit: Towards an International Carbon Market

Russian petrochemical company SIBUR presented its climate strategy at the Russia-Africa summit, stressing the need for a cross-border carbon trading mechanism to meet the global CO2 emissions reduction target. SIBUR places sustainable development at the top of its priorities. The company produces PET granules for plastic bottles using post-consumer recycled plastics, installs renewable energy capacity in its plants and uses environmentally-friendly equipment.

These efforts, together with SIBUR’s international verification of its climate projects, have enabled the company to obtain carbon offset credits in Russia. Last year, Russia set up the National Registry of Carbon Units, which enabled SIBUR to sell its carbon credits in the country, thus encouraging other companies to decarbonize their production processes. SIBUR strongly supports the idea of creating an international carbon market, which was discussed at COP-27 in Egypt and at the BRICS summits.

Mutual Recognition for the International Carbon Market

SIBUR also supports the idea of mutual recognition of carbon unit registries in different countries and regions, which would facilitate cross-border emissions trading.

According to Elena Myakotnikova, head of climate initiatives and carbon regulation at SIBUR, “only a coordinated effort by many countries can help humanity reduce CO2 emissions and combat global warming. SIBUR has also planted 2 million trees in Russia, as the company sees nature-based solutions as another important tool for offsetting CO2 emissions.”

The company hopes that the international community will follow its example in using such approaches. SIBUR is Russia’s largest integrated petrochemical company and one of the world’s fastest-growing petrochemical players, with around 50,000 employees. The company’s vertically integrated business model enables it to deliver products used in the consumer goods and automotive industries, as well as in construction, energy, chemicals and other industries in 100 countries.

Article 6 converts carbon credits into a compliance asset, driven by sovereign purchases, domestic markets, and sectoral schemes, with annual demand projected above 700 Mt and supply constrained by timelines, levies, and CA requirements.
The GOCO2 project enters public consultation with six industrial players united around a 375 km network aiming to capture, transport and export 2.2 million tonnes of CO2 per year starting in 2031.
TotalEnergies reduced its stake in the Bifrost CO2 storage project in Denmark, bringing in CarbonVault as an industrial partner and future client of the offshore site located in the North Sea.
The United Kingdom is launching the construction of two industrial carbon capture projects, backed by £9.4bn ($11.47bn) in public funding, with 500 skilled jobs created in the north of the country.
Frontier Infrastructure, in partnership with Gevo and Verity, rolls out an integrated solution combining rail transport, permanent sequestration, and digital CO₂ tracking, targeting over 200 ethanol production sites in North America.
geoLOGIC and Carbon Management Canada launch a free online technical certificate to support industrial sectors involved in carbon capture and storage technologies.
AtmosClear has chosen ExxonMobil to handle the transport and storage of 680,000 tonnes of CO₂ per year from its future biomass energy site at the Port of Baton Rouge, United States.
The Dutch start-up secures €6.8mn to industrialise a DAC electrolyser coupled with hydrogen, targeting sub-$100 per tonne capture and a €1.8mn European grant.
Japan Petroleum Exploration is preparing two offshore exploratory drillings near Hokkaidō to assess the feasibility of CO₂ storage as part of the Tomakomai CCS project.
The Singaporean government has signed a contract to purchase 2.17 million mtCO2e of carbon credits from REDD+, reforestation and grassland restoration projects, with deliveries scheduled between 2026 and 2030.
The Canadian government is funding three companies specialising in CO2 capture and utilisation, as part of a strategy to develop local technologies with high industrial value.
European carbon allowance prices reached a six-month high, driven by industrial compliance buying ahead of the deadline and rising natural gas costs.
Zefiro Methane Corp. completed the delivery of carbon credits to EDF Trading, validating a pre-sale agreement and marking its first revenues from the voluntary carbon market.
Hanwha Power Systems has signed a contract to supply mechanical vapour recompression compressors for a European combined-cycle power plant integrating carbon capture and storage.
A prudent limit of 1,460 GtCO2 for geologic storage reshapes the split between industrial abatement and net removals, with oil-scale injection needs and an onshore/offshore distribution that will define logistics, costs and liabilities.
Frontier Infrastructure Holdings drilled a 5,618-metre well in Wyoming, setting a national record and strengthening the Sweetwater Carbon Storage Hub’s potential for industrial carbon dioxide storage.
The Northern Lights project has injected its first volume of CO2 under the North Sea, marking an industrial milestone for carbon transport and storage in Europe.
Verra and S&P Global Commodity Insights join forces to build a next-generation registry aimed at strengthening carbon market integration and enhancing transaction transparency.
Singapore signs its first regional carbon credit agreement with Thailand, paving the way for new financial flows and stronger cooperation within ASEAN.
Eni sells nearly half of Eni CCUS Holding to GIP, consolidating a structure dedicated to carbon capture and storage projects across Europe.