On the sidelines of the Eastern Economic Forum, Udokan Copper and RusHydro have signed a purchase agreement for 1000 carbon credits. This is the first time the two parties made a deal to purchase GHG offsets under the climate project implemented at Vladivostok-2 Power Plant.
On the sidelines of the Eastern Economic Forum, Udokan Copper and RusHydro have signed a purchase agreement for 1000 carbon credits. This is the first time the two parties made a deal to purchase GHG offsets under the climate project implemented at Vladivostok-2 Power Plant.In August, RusHydro underwent a verification of 2022 outputs of the Vladivostok-2 Power Plant Gasification Project. The verifier of this Climate Project was the GHG Verification & Validation Authority under the Innovation Technology Center of Bauman MSTU. The acquired carbon credits were issued by the Russian Register of Carbon Credits and credited to RusHydro’s account.
All the transactions of transferring, crediting and withdrawing of carbon credits between the involved Parties are effected in the Register of Carbon Credits under the Federal Law No. 296-FZ “On limiting greenhouse gas emissions” dated July 02, 2021.
The arrangements for cooperation in the area of sustainable development and decarbonization between Udokan Copper and RusHydro were achieved in 2022 during the Eastern Economic Forum. These arrangements, among other things, address the option of supplying RusHydro’s low-carbon electric power to the existing and future facilities of Udokan Copper.
According to Udokan Copper, this transaction became the biggest one currently recorded in the Register of Carbon Credits acting under the federal law. The Vladivostok-2 Power Plant Project has a number of effects in the area of sustainable development: climatic – by reducing GHG emissions, environmental – by reducing pollutant emissions, and social – by improving reliability of heat & energy saving.
Purchasing of carbon credits was part of the Company’s Climate Program developed to and aimed at the maximum reduction of carbon footprint. Also, Udokan Copper is planning to purchase low-carbon energy from companies of renewable energy sector to reduce indirect emissions, implement climate projects and exercise other measures.
