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Pay Carbon Tax and Breathe Easy!

Articles
9 October 2020

The experts of the Analytical Credit Rating Agency (ACRA) present an article proposing a scenario of gradual implementation of emission control tools in Russia.

The world is rapidly developing tools to control greenhouse gas emissions: these tools have already been introduced or are planned to be introduced in 46 countries. Carbon tax and emission allowance (EA) trading systems are considered to be more efficient emission control tools. The threat of carbon protectionism is increasing, which is likely to threaten domestic producers-exporters with high costs: they will be forced to pay additional duties on shipments to Europe and other jurisdictions with high carbon taxes.

Today, developing countries lag behind developed countries in terms of implementation and scale of legislative measures to reduce greenhouse gas emissions. Despite the active development of the EA in the world, Russia is still behind other countries in the development of emission control tools. The tax on greenhouse gas emissions that has been actively discussed in recent years is a rather ambiguous measure for Russia. According to the ACRA, the main advantages of the scenario of gradual introduction of emission control instruments in Russia are the following: the possibility for Russian exporters to avoid pressure from importers and the imposition of additional carbon taxes in the EU and other jurisdictions for the supply of their products; the possibility to mitigate the negative economic effect of carbon tax through its gradual introduction, as well as compensation of costs for the installation of environmentally friendly equipment.

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