SIBUR takes part in COP29 business programme
- Written by Telegraph Magazine
MOSCOW, RUSSIA - Media OutReach Newswire - 13 November 2024 - SIBUR, Russia's largest producer of polymers and rubber, participated in the business programme at the UN's Climate Change Conference (COP29), which is taking place in Azerbaijan, where it shared its experience in incorporating high-tech solutions, implementing climate projects and trading carbon credits, dealing with ecosystem risks and developing a circular economy.
During a discussion at Russia's COP29 pavilion, SIBUR representatives highlighted that in 2019 the company was one of the first in Russia to adopt a sustainability strategy.
The company is on track to meet the targets set out in the strategy through the end of 2024. Notably, it has reduced greenhouse gas emissions by 5% in the Gas Processing segment and by 15% in the Petrochemicals segment ahead of schedule. In addition, the company plans to transition to 100% renewable energy at its SIBUR-PETF production site, making the facility carbon-neutral by 2025.
To date, the company has completed eight climate initiatives at its plants, resulting in a total reduction of 10.8 million tonnes of CO₂-equivalent emissions over the last decade and generating over 3.3 million verified carbon credits that are available for trading in both Russian and international markets.
SIBUR has already completed no fewer than 15 carbon credit transactions, enabling its customers and partners to reduce or fully offset the carbon footprint of their operations, products or events.
One source of SIBUR's carbon credits stems from forestry-based climate initiatives. For example, the company completed a large-scale programme this year to plant 5 million trees to capture CO2 in its regions of operations.
Future initiatives under consideration include the re-watering of bogs at former peat extraction sites in order to prevent forest fires and restore wetlands, which are natural CO2 sinks.
SIBUR also plans to offset the Russian delegation's COP29 carbon footprint, making it the first carbon-neutral delegation in the conference's history. The offset will be achieved using carbon credits generated from a climate initiative aimed at improving energy efficiency at SIBUR-Neftekhim. The credits will be debited from the company's account in the Russian Carbon Units Registry.
The carbon footprint will be calculated by Kept, and TÜV AUSTRIA Standards & Compliance will verify the carbon-neutrality statement.
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