1 December 2022 – SIBUR, the largest petrochemicals company in Russia and one of the fastest growing in the global petrochemicals industry, is in talks with international partners about selling its carbon units as part of its large-scale Green Formula forestation initiative.
The company’s international partners, including those from the fast-growing Asian market, have expressed their interest in buying carbon credits in order to compensate for their carbon footprint. In March 2022, SIBUR launched the “Green Formula” as part of the company’s ESG strategy and initiated a pilot project for issuing carbon units as part of the program.
SIBUR planted one million trees in 2022, including some at the company’s carbon monitoring site in the Voronezh region. Through Green Formula, SIBUR aims to reduce its climate footprint and to foster long-term environmental sustainability. One of the program’s goals is to have at least 5 million trees planted by 2025 across the regions where SIBUR operates.
Elena Myakotnikova, Adviser to the CEO of SIBUR LLC and Project Curator of the Green Formula forestation campaign, said: “Our Green Formula initiative is aimed at creating a more sustainable future for generations to come by reducing SIBUR’s climate impact and increasing energy efficiency. The interest coming from our partners abroad indicates the global shift towards sustainability and decarbonisation initiatives in particular.”
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