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Low-carbon Development and Climate Policy: Opportunities for Russian Businesses in the Global Decarbonisation Agenda

Maxim Timchenko, Partner, Head of Oil & Gas Services in Russia and Central and Eastern Europe, PwC Russia, shared his views at a session on how to tap into the potential of Russian industry at the St Petersburg International Economic Forum. In the face of global climate challenges, countries have been  forced to give greater consideration to climate risks and actions. A growing number of countries have introduced national regulations in GHG emissions, from voluntary offset programmes to strict restrictions, from market approaches to emission taxes.

Russian industry may benefit from the right investment decisions and the country’s unique natural resources to maximise its potential and go beyond climate sustainability towards economic growth and Net Zero competitiveness.


During the session, the speakers agreed that the climate change agenda and transition to a Net Zero economy are both a challenge and an opportunity for Russia. Engaging in partnerships, setting up a system of government support, collaborating with the research and technology community, balancing tax components and learning from international experience will accelerate Russia’s achievement of the initial goals. The experts on the panel emphasised the need to transform Russia’s technological base across a variety of industrial sectors, work with the research community and consider providing support to a cross-border carbon tax.

Maxim Timchenko also pointed out that public-private partnerships can help to make a positive impact, as we need to focus on broad government-supported measures that facilitate global decarbonisation projects. According to Maxim, even countries that have do not offer significant subsidies have introduced different benefits and preferences, as  they understand the scale and importance of the Net Zero challenge.

Other session participants included:

  • Cedric Cremers, Country Chair Russia, Shell, Russia;
  • Igor Nechaev, Chairman of the Board of Directors, AO Mineral and Chemical Company EuroChem;
  • Ilya Torosov, Deputy Minister of Economic Development of Russia;
  • Valery Falkov, Russian Minister of Science and Higher Education;
  • Anatoliy Chubais, Special Representative of the President of the Russian Federation for Relations with International Organisations to Achieve Sustainable Development Goals;
  • Alexander Shevelev, CEO, AO Severstal Management;
  • Ruslan Edelgeriev, Advisor to the President of the Russian Federation, Special Representative of the President of the Russian Federation for Climate;
  • Vadim Yakovlev, Deputy Chairman of the Management Board, OAO Gazprom Neft;
  • Daria Borisova, Managing Director, Development and Innovation, OOO SIBUR;
  • Kirill Molodtsov, Assistant Head of the Presidential Executive Office;
  • Mikhail Khardikov, Head of Energy Business, En+ Group.

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Anna Smischenko-Mironova

Anna Smischenko-Mironova

Head of communications, PwC Russia

Tel: +7 (495) 967 6172

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