North America Climate Summit is concluded
The Summit covered a wide range of issues related to the development of the carbon market and carbon regulation, both in North America and in a number of other jurisdictions (including the European Union, China, and others).
Considerable attention was paid to voluntary markets (especially to the use of carbon offsets by corporations and the so-called "green claims"), the need to strengthen requirements for project implementation methodologies and relevant programs (standards).
Once again, the experts confirmed the need for harmonized methodologies for calculating the carbon intensity of products, an issue of particular importance in the context of planned and already emerged national and regional сarbon border adjustment mechanisms, as well as the harmonization of approaches to the definition of "carbon price" and its main components.
In addition, the Summit participants were presented with a case study of the successful linking of cap-and-trade systems of California (USA) and Quebec (Canada), which is celebrating its 10th anniversary.
It is noteworthy that the Summit did not address the issues of a potential carbon market formation in the city of New York, including, in particular, the regulation of greenhouse gas emissions for owners of a number of buildings, structures, and facilities effective starting from 2024.
In general, the climate regulationexperts, representatives of local and international (including European) regulators and businesses exchanged views and experiences on the development of national carbon markets and confirmed the trend towards their expansion in terms of volume and coverage (both for the so-called mandatory (compliance) and voluntary markets) in the near and medium term.
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Mr. Sitnikov has specialized in supporting climate projects, consulting on carbon markets, carbon trading and ESG since 2004. Sergey was actively involved in the work on the Russian federal and regional carbon regulations. In 2022 he participated in the work of the Article 6.4 Supervisory Body (COP27, Sharm El-Sheikh). Mr. Sitnikov advised, among other things, major Russian and international companies on the implementation of climate projects in Russia and abroad, as well as the regulator on various issues of climate regulation. Since 2014 Sergey Sitnikov has been annually recognized by independent international and Russian legal ratings as a leading lawyer in the "Environmental Law" field. Since 2008 till 2019 Mr. Sitnikov acted as a Visiting Professor at Moscow State Institute of International Relationship (MGIMO), International Institute of Energy Policy and Diplomacy, with his course of lectures related to various energy and carbon regulation issues. Sergey Sitnikov is the author and co-author of a number of scientific researches and books, including: - The Oxford Handbook of International Climate Change Law. Oxford, Oxford University Press, 2016; - Civil Law Regulation of Oil Transportation by Pipelines: Acute Issues, YusticInform, Moscow, 2012; - Climate Change Liability. Transnational Law and Practice, Cambridge University Press, UK, 2012; - Energy Law in Russia and Germany. Comparative Law Research, Yurist publishing group, Moscow, 2011; - Trading In Air: Mitigating Climate Change Through the Carbon Markets, Infotropic Media, Moscow, 2010 and of numerous practice-oriented articles on carbon regulation and ESG, including: - “Implementation of climate projects in the field of waste management”, TBO. Waste Management Scientific Journal, April, 2023; - “Road map of the ESG-strategy. How to start a company transformation”, Corporate Lawyer Journal, February, 2023; - “Carbon regulation in Russia: origins and peculiarities.”, The Eurasian Scientific Journal, 14(6): 44ECVN622. Available at: https://esj.today/PDF/44ECVN622.pdf; - “Carbon Border Adjustment Mechanism”, Industry Ecology Journal, November, 2021; - “20 Steps on the Way to ESG-Transformation”, Industry Ecology Journal, December, 2021; - “Emission trading scheme as an alternative to the modern system of normatives”, Industry Ecology Journal, August 2016; - “New Procedure for Joint Implementation Projects in Russia”, Thomson Reuters Russia/Eurasia Executive Guide, December 2011; - “Money Out of Thin Air”, RBCC Bulletin, Issue 2, March 2010; - “Russia's new JI rules could break logjam”, “Point Carbon”, November 2009; - “Who Owes Whom? Legal Schemes of JI Projects' Implementation in Russia: Analysis and Recommendations”, Mirovaya Energetika No.1, 2008; - “Investors Get the Green Light”, Mirovaya Energetika, No.8, 2007; - “The potential for generating and selling Voluntary Emission Reductions in associated oil gas projects”, Oil, Gas & Law, No.6, 2007; - “Keys to the Carbon Transactions”, Delovoi Ekologicheski Journal, No.2, 2007; - “Agreement for Transportation of Oil by Pipeline: Theories and Practice of Drafting and Usage”, Oil, Gas & Law, No.4, 2007; - “Pledge of Oil, Transported through System of Pipelines”, Pravo I Ekonomika, #3, 2007; - “Pledge of Oil Transported by Pipelines,” The Oil, Gas and Law Journal, 2005, No.1; - “Civil Law Aspects of the Transportation of Oil Using Pipelines,” The Oil, Gas and Law Journal, 2004, No.4.