SIBUR Announces the Start of Green Formula

Source: www.gulfoilandgas.com 3/31/2022, Location: Asia

SIBUR kicked off the Green Formula forestation initiative. In 2022, we intend to plant over one million trees in five regions of operation, increasing this number to at least five million by 2025. We also expect to pilot issuing carbon units at our carbon monitoring site in the Voronezh Region.

Over the year, SIBUR will join forces with local school forest facilities to plant 500,000 seedlings in Blagoveshchensk (Bashkiria), Kstovo (Nizhny Novgorod Region), Nizhnekamsk (Tatarstan) and Svobodny (Amur Region). The initiative provides for a set of measures to develop regional ecosystems, such as fitting out forest facilities to monitor rooting and take care of the seedlings, methodological assistance to teachers, an awareness-raising programme and support for school research.

Another 500,000 trees will take root at our carbon monitoring site set up by SIBUR and the Voronezh Region government as part of Morozov Voronezh State University of Forestry and Technologies. In 2022, the Green Formula site will occupy 155 hectares, to be expanded to more than 2,600 hectares going forward. SIBUR is looking at this site as a pilot for issuing carbon units.

Alexey Kozlov, member of the Management Board and Managing Director of SIBUR: “SIBUR is among the first Russian businesses to embed forestation commitments into its ESG strategy as a decarbonisation tool. For Russia, the ability of forests to absorb carbon dioxide is key to decarbonisation, so we seek to align our efforts to update the methodology by creating and maintaining carbon monitoring sites while also preserving and restoring forests. This approach will deliver a long-term environmental effect and give an impetus to this important agenda domestically.”

In line with its 2025 Sustainable Development Strategy, SIBUR plans to plant at least five million trees. In addition to sequestration projects, we will reduce climate impact by improving the energy efficiency of processes, increasing the share of renewables in the energy mix, and introducing CO2 capture, removal and storage technologies.


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