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Russian business giants unite to address climate change challenge

Some of the biggest Russian corporates have introduced an initiative to consolidate the efforts of Russian business to mitigate environmental impacts and help prevent climate change by creating the ‘Climate partnership of Russia’.

UC RUSAL, Sberbank, RusNano, RusHydro and Ingosstrakh have made the move ahead of the COP21 talks in Paris next week.

Their joint statement reads: “We call on all parties of the international negotiation process to execute a legally binding agreement that will allow countries to exercise joint responsibility in addressing climate change.

“In order to ensure that any agreement reached at COP21 is as effective as possible, we believe there is the need for a unified and generalized format of the obligations applicable for all countries; integrated mechanisms ensuring these obligations are delivered, as well as comprehensive monitoring of all countries’ compliance with the commitments undertaken.”

It states that they believe it is crucial to shift the collective focus in business to a low-carbon, green economy, and that they will strive to ensure their products comply with the highest environmental standards.

The statement stresses the importance of ensuring equal competitive conditions at a global level for all the participants of this process, as well as to introduce market based mechanisms encouraging businesses to transition to new production technologies.

Global | Climate change

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