SIBUR Concludes Inaugural Carbon Offset Sale

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by KnowESG
KnowESG_SIBUR Concludes Inaugural Carbon Offset Sale
Image courtesy of Unsplash

SIBUR has successfully concluded its inaugural transaction to vend carbon offsets generated through the climate initiative at ZapSibNeftekhim.

This arrangement facilitated QIWI, a prominent provider of modern payment and financial services, completely counterbalancing its 2022 greenhouse gas emissions (Scope 1 and 2).

The sale and redemption of carbon credits were executed utilising the Green digital platform, underpinned by blockchain technology. This platform ensures a remarkable level of data transparency, traceability, and immutability throughout the lifecycle of the climate project.

The climate project at ZapSibNeftekhim adheres to ISO 14064-2:2019 standards, confirmed by Verico SCE, a premier validation and verification body in Europe. The carbon credits amassed through this project are documented on the distributed ledger and made accessible to purchasers globally, enabling corporations and individuals to neutralise their carbon impact.

Mikhail Karisalov, CEO and Chairman of the Management Board of SIBUR, stated, "The inaugural carbon offset transaction marks a significant stride for both SIBUR and the market. Progressing from implementing and internationally certifying our technological climate project to finalising a transparent blockchain sale, we have gained invaluable experience and are poised to propel this initiative forward."

Andrey Protopopov, CEO of QIWI, commented, "QIWI comprehends the seriousness and extent of global climate transformation, which is why managing our carbon footprint stands among the top priorities in our sustainable development strategy for 2025.

"We are delighted to announce that, in partnership with SIBUR, we have effectively offset QIWI's direct and indirect greenhouse gas emissions in the year 2022. Supporting the advancement of voluntary carbon markets is crucial, as these markets play an increasingly vital role in steering the global economy towards decarbonisation. QIWI remains committed to pursuing fresh environmental undertakings and projects rooted in pioneering technologies."

Elizaveta Romanova, General Director of the Green Digital Platform, elucidated, "The Green digital platform has been designed to structure climate projects in harmony with global standards and to attract carbon financing. It incorporates a Carbon Register founded on Polkadot, containing comprehensive information about climate projects in addition to the issuance, transfer, and redemption of resulting carbon units. The utilisation of a public blockchain amplifies project transparency and credibility while preserving data immutability and accessibility for all stakeholders."

SIBUR's climate objectives are ingrained in its 2025 Sustainable Development Strategy. The company employs an expansive spectrum of decarbonisation measures, which are consistently updated.

In 2022, SIBUR achieved a 20% reduction in specific greenhouse gas emissions in Gas Processing and a 5% reduction in Petrochemicals while elevating the proportion of renewable energy sources in its energy blend by a factor of six compared to 2021.

The climate project at ZapSibNeftekhim received international validation, affirming the curtailment of approximately 3 million tonnes of CO2 equivalent in greenhouse gas emissions. Moreover, SIBUR introduced the Green Formula—the NBS climate initiative—in 2022 and has successfully planted over 2 million trees as an integral facet of this endeavour.

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Source: SIBUR

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