Russian disregard for climate crisis is a ‘myth’, says Putin

Kremlin seeking to capitalise on Russia’s vast natural carbon storage capacity, as companies around the world eye offsetting opportunities

Vladimir Putin speaks at the St Petersburg International Economic Forum in St Petersburg, Russia, Friday, June 4 (AP)

Vladimir Putin has said it is a “myth” that Russia is unconcerned about the threat posed by the climate crisis, but has warned against action which could harm the country’s energy industry.

Speaking as leaders from the G7 countries – which does not include Russia – prepared to head to Cornwall for the international summit, Mr Putin warned against the danger of transforming the drive for carbon neutrality into a tool of “unfair competition”.

Russia is the world’s biggest exporter of gas and the world’s second biggest exporter of oil.

Speaking at Russia’s annual economic forum in St Petersburg, Mr Putin defended the use of natural gas, which he described as “clean”, and said should be used during the transition to cleaner energy.

“[There is] talk that Russia is not very interested in resolving the global problems from climate warming, but I can immediately say that is nonsense, a myth, if not outright misrepresentation,” he said.

“Like other countries, we feel the risks and threats in this area,” but he added: “We need to put aside political and other differences and not turn the transition to carbon neutrality into an instrument of unfair competition.”

He also said issues such as the melting permafrost in areas such as Siberia was a threat as the country has entire cities built on permafrost in the Arctic.

“We have whole cities built on permafrost,” he said. “Should it thaw, imagine the consequences for Russia. We are very concerned about that.”

Speaking about the country’s gas exports, he said: “We need to decrease emissions across the economy. Russia can play a role. We have the world’s biggest gas reserves. Of course gas is a fossil fuel, but it’s the cleanest one, and we can’t go without it. We are also building infrastructure for hydrogen production.”

While gas-fired power stations produce around half as much CO2 as a coal-fired plant, the contribution of greenhouse gases to the atmosphere remains a significant problem. Furthermore, the extraction and transport of gas also generates and releases other waste gases, most notably methane, which is 34 times more powerful than CO2 at trapping heat over a 100-year period and 86 times more powerful over 20 years.

In his address Mr Putin also sought to highlight Russia’s vast ecological wealth, including its forests and peatlands which provide vital carbon dioxide storage services, but one which it appears the Kremlin is eager to monetise.

“It’s not enough simply to reduce emissions – we need to take into account the absorption of greenhouse gases,” he said, according to the Moscow Times.

“Russia has colossal potential in our forests, tundra, agricultural lands and swamps. Our country accounts for one fifth of the world’s forests. They absorb a few billion tons of carbon dioxide on an annual basis.

“Thanks to these natural competitive advantages, Russia can take a leading role in the world in the new market for carbon trading … a market which could be worth more than $50bn a year in revenue.”

Additional reporting by Reuters.