A round table was held between the School of Finance HSE and the Saint Petersburg International Mercantile Exchange (SPbMTSB) on the mechanisms for stimulating the National Carbon Market
The theme of the event, held on April 26, was "Development of the national carbon market: standards, practices and efficiency of companies." The round table was chaired by Irina Ivashkovskaya, Head of the HSE School of Finance, and Dmitry Chernyshev, Vice President of the SPbMTSB.
Ivan Rubanov, Deputy Head of the Carbon Market and Innovation Projects Department of the Saint Petersburg International Mercantile Exchange, spoke in his speech about the concept of developing the carbon market in the Russian Federation. He also made a presentation on the Policy of JSC SPbMTSB on the development of trade in goods with a verified carbon footprint and the corresponding Standard.
According to the speaker, exchange mechanisms can become an effective incentive for "green" technologies and energy transition in the Russian economy. They will provide an economic basis for the transformation of tools and business models in Russian companies.
"The main trend of the global market is the development of mandatory mechanisms in the form of emission quota trading systems," Ivan Rubanov noted. - They work on market principles with the active use of exchange trading, allow you to set a general limit on emissions, reduce them with minimal costs and form a new decision-making factor on the national market - the "carbon fee".
The speaker stressed that on a separate platform of the Saint Petersburg International Mercantile Exchange, in the Electronic trading System of the over-the-counter market (SET BP), the segment "Trading in carbon units" has been formed. In addition, SPbMTSB plans to launch a supply futures for carbon units of the national register.
The round table was attended by: Zalina Musayeva, Head of the Methodology Department for the Provision of Tax Benefits of the Department for the Analysis of the Effectiveness of Preferential Regimes of the Ministry of Finance; Milyausha Pinskaya, Head of the Tax Policy Center of the NIFI of the Ministry of Finance, Grigory Yulkin, Head of the Department for Environmental Regulation and Regulation of Greenhouse Gas Emissions of PJSC LUKOIL; Marina Chikovani, Head of the Department of Environmental Safety and Decarbonization of PJSC LUKOIL, Alexander Kraevoy, Head of the Department of Production Engineering and Sustainable Development of Rushydro, Alexey Bogomolov, Director of Partner Programs Development at RSHB Asset Management LLC; Vsevolod Gavrilov, Managing Director of the Center for Digital GR Initiatives, Vladimir Lukin and Illarion Lemetuinen, representatives of Capt Verification LLC.
The speakers noted a number of problems of national carbon regulation: insufficient separation of voluntary and mandatory market segments, emphasis on poorly monetized areas. The problem remains the lack of demand for "green" assets and the lack of incentive mechanisms. In addition, the implementation of national commitments to reduce the net emissions balance by increasing forest uptake instead of reducing anthropogenic emissions will not provide fiscal and commercial benefits within the framework of developing foreign carbon regulation systems.
The participants touched upon the comparative effectiveness of various carbon regulation tools and the formation of a "carbon fee". A number of speakers noted that the regulation of greenhouse gas emissions through mandatory carbon regulation systems involving exchange trading of quotas is more effective than a carbon tax.
SPbMTSB is currently planning to form a trading center for "green" assets. Secondary raw materials trading has already been launched in a number of exchange sections, a new section "Carbon Market" has been created, where it is planned to organize trading in carbon units and quota fulfillment units."