HomeCarbon CreditsRussia Announces First Carbon Capture Facility

Russia Announces First Carbon Capture Facility

The Ministry of Science and Higher Education of the Russian Federation announced the creation of Russia’s first-ever carbon capture facility, located in Tomsk off the floodplain of the Ob River.

Additional plans include constructing a carbon farm to develop and test carbon absorption, neutralization, and recycling technologies.

“The Tomsk regional carbon test site will become a part of the test site network created under the order of Vladimir Putin. The network will solve both climate and economic issues,” said Lyudmila Borilo, executive director of the TSU Center of Excellence

This project is the first of its kind in Russia. Russia accounts for 4.6% of the world’s greenhouse gas emissions, behind China, the United States, and India.

The Russian President has also ordered the creation of 80 additional carbon test sites to monitor and study the carbon cycle across different ecosystems. The goal is to assess the natural carbon balance of Russia to implement initiatives that drastically reduce emissions.

According to Borilo, “The numbers are not in our favor. The EU data states that German forests absorb ten times more carbon than the Russian. It is obviously untrue, but we need to prove it. A network monitoring all the country’s major ecosystems will provide the necessary data and prove that Russia, with its natural resources, does an ecosystemic favor to the whole planet. It needs to be counted towards the carbon quota allocation under the Paris treaty.”

It is important to note that there is an economic factor at play here as well. With pending EU taxes concerning carbon, accurate measuring is needed. Russia could expect to pay billions while losing the ability to export products with a high carbon footprint (such as metal, oil, and wheat).

This is one of the reasons the carbon credit industry is booming – companies need to find ways to offset carbon as quickly as possible.

Regardless of the motive, with China, the EU, the US, and many others focused on reducing carbon through additional regulations, innovative technologies, and carbon offsetting, it feels as if the world is on its way to meeting net-zero goals.

 

Most Popular
LATEST CARBON NEWS

Tesla Signs A Landmark Multi-Billion Dollar 15 GWh Megapack Deal

While Tesla's energy storage segment is smaller than its automotive business, it has been experiencing significant growth. This segment has rapidly accelerated and expanded...

Nickel Market in Turmoil: BHP to Halt Operations Due to Price Plunge

In recent developments within the global nickel market, the trajectory of prices has undergone a significant downturn. Consequently, nickel prices have plummeted from the highs...

HSBC Opens New Unit For Low-Carbon Finance, Alongside $1 Trillion Pledge

Global financial services group HSBC is launching a new business unit, HSBC Infrastructure Finance (HIF), to focus on infrastructure financing and project finance advisory...

Sungrow and Algihaz Join Forces for 7.8 GW Energy Storage in Saudi Arabia

Sungrow Power Supply, a Chinese photovoltaic inverter manufacturing giant recently announced to partner with Saudi Arabia’s Algihaz Holding for a massive energy storage project....
CARBON INVESTOR EDUCATION

The Ultimate Guide to Understanding Carbon Credits

Everything you need to know about carbon credits, voluntary and compulsory carbon markets, and carbon investment...

Top 4 Carbon Stocks To Watch In 2024

Carbon stocks, credits and capture technology are getting a lot of interest from investors. Companies will attract even more capital in 2023.

What Is COP28? Key Issues to Watch Out at 2023 Climate Summit

After a record-breaking year of devastating effects of climate change, from record wildfires in Greece and Canada to floods in Libya, the United Nations...

Climate Disclosure: New Corporate Standards for a Net Zero World

As part of the world’s continued efforts to combat climate change and transition towards net zero, one important piece of the puzzle is new...