MOSCOW, Jul 14 (PRIME) -- Russia hopes for meaningful dialogue with the E.U. on its upcoming carbon regulations as they will cover U.S. $7.6 billion of Russian exports to the union, the Economic Development Ministry said in a statement on Wednesday quoting Minister Maxim Reshetnikov.
The European Commission published a draft project for trans-border carbon regulation with the scope of fighting against the transition of industrial production from the E.U. to third countries.
“We hope that the E.U. will stand by its promise and ensure compliance of the document to the norms of the World Trade Organization, to the Framework Convention of the United Nations on Climate Change, and to other international agreements. We hope for meaningful dialogue with our colleagues from the European Commission,” Reshetnikov said as quoted by the ministry.
The carbon regulation mechanism will cover exports of iron, steel, aluminum, and other products to the E.U. worth U.S. $7.6 billion, the ministry said citing exports for 2020 as the reference point.
“When the mechanism comes in full force, metals, pipes, fertilizers, cement, and power will be allowed to be imported to the E.U. only on condition that each tonne of CO2 emission created during their production, is paid for. It is supposed that the price of a tonne of CO2 will equal the price set at the auctions in the E.U. emission quota trading system. The measure will cover Russian sales of iron, steel, aluminum, pipes, electric power, and cement worth $7.6 billion,” the ministry’s statement read.
Reshetnikov said that the European Commission has been assuring the entire world for almost 18 months that it will comply with the letter and the spirit of the WTO agreement, “but there is no certainty in that anymore,” he said.
The connection between the E.U. carbon regulation and fight against climate change is not obvious. The Paris Agreement also gives the rights to countries to define the most efficient way to fight climate change on their own. A global problem can only be solved through coordinated actions of all countries, he said.
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