On July 2, 2021, the Federal Law on limiting greenhouse gas emissions was signed.
The law provides for the introduction of a phased model for regulating greenhouse gas emissions. This model will include the introduction of mandatory carbon reporting, the collection and synthesis of which will be carried out by the authorized body.
The following emission issuers fall under the reporting requirement:
- From January 1, 2023 the largest emitters (from 150 thousand tons of carbon dioxide per year);
- From January 1, 2025 small emitters (from 50 thousand tons of carbon dioxide per year).
The necessary legal terminology is introduced (greenhouse gas, carbon footprint, climate projects, carbon units, etc.), as well as the concept of "target indicator for reducing greenhouse gas emissions". This indicator will be set by the Government taking into account the absorbing capacity of forests and other ecosystems and the need to ensure sustainable and balanced socio-economic development of the country.
The law also provides for the creation of a register of greenhouse gas emissions for their state accounting. This will be a state information system, which will be maintained by the federal executive authority. Companies that have submitted emission reports will be included there. The data from the register will become the basis for monitoring the implementation of the emission targets.