Russian companies, including SIBUR, a petrochemical major, shared their relevant best practices.

One of the culprits of GHG emissions and rising average air temperatures is the increasingly frequent forest fires that plague various regions, including North America, Southern Europe, Indonesia, and Russia. In Russia, forest fires are often caused by drained peatlands. Throughout the last century, the Soviet Union kept draining peatlands to extract peat, then an important type of fuel.

Today, Russian companies including SIBUR, RUSAL, Severstal, and NOVATEK are planning to rewet peatlands in central Russia and are engaged in R&D efforts to this end. This initiative will help restore the peat bogs' ecosystem and make them natural carbon dioxide sinks again.

SIBUR is also running Green Formula, a large-scale forestation initiative. As part of it, a total of 5 million trees will be planted in the regions of operation, which will contribute to carbon dioxide capture. The trees include cedars, pines, spruces, birches, fluffless poplars, common lilac, and rowan trees. Since 2022, SIBUR has already planted 3 million trees.

Elena Myakotnikova, Head of SIBUR's Climate Initiatives and Carbon Regulation, said:

"By investing in these projects – rewetting peat bogs and planting trees – SIBUR plans to obtain internationally recognised carbon credits, which can then be used in Russia and overseas. Carbon markets create economic incentives to fight global warming. Those who invest in reducing their carbon footprint can deliver resource savings or other benefits, while those who do not may face additional taxes."

Hashtag: #SIBUR

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

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