Off Again, On Again - Russia | Green Energy News

May 16, 2004 – Vol.9 No.8

OFF AGAIN, ON AGAIN - RUSSIA.

In a surprise gesture that may find Russia a seat at the World Trade Organization (WTO), President Vladimir Putin promised the EU that he would move quickly to ratify the Kyoto Protocol. Ratification by Russia would bring the stalled treaty on climate change into full force.

Charmed by Putin’s warming on the global warming treaty, EU members declared they would vote to welcome Russia into the WTO.

The surprise move is not yet a done deal. The Russian parliament is the ratifying body, Putin can only push it forward in that house.

With the treaty in force Russia would have carbon credits to sell. The treaty sets 1990 as the baseline year. Russia’s economy - thus its greenhouse gas emissions - has shrunk since then. The nation’s emissions are already below levels required under the treaty. Credits could be worth as much as $10 billion.

Entry in the WTO could mean major investment in the nation from nearby EU nations, something Russia needs.