No Match Found
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: