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The meeting was attended by Deputy Prime Minister Yury Borisov, President of the Russian Union of Industrialists and Entrepreneurs and State Council member Alexander Shokhin, and officials from federal and regional government bodies, as well as representatives of the business community.

The participants discussed decarbonising the manufacturing industries and incentivising investment.

Igor Levitin noted that the President had set an ambitious but achievable goal to reduce the accumulated volume of net greenhouse gas emissions in Russia to a lower level than in Europe. Given the introduction of carbon regulation, it is important now to assess its impact on enterprises and the budgets of the constituent entities of the Federation. In this regard, it is particularly important to stimulate and to provide state support for investment projects which focus on decreasing greenhouse gas emissions.

In his report, Deputy Minister of Industry and Trade Mikhail Ivanov spoke about key projects covering environmental modernisation of the manufacturing industry.

Deputy Minister of Energy Pavel Sorokin touched on energy transition in Russia and spoke about the use of low-carbon technology, possible scenarios and the estimated cost of measures to cut emissions.

Alexander Shokhin made proposals for developing the carbon market with account taken of the need to limit greenhouse gas emissions.

First Deputy Minister of Economic Development Andrei Ivanov noted in his report that since the industrial sector is the main source of investment-driven demand, it is important to form a system to support and maintain investment projects throughout their life cycle.

The participants’ key proposals will be included in a report to the President and in the proposals for improving legislation.