Eurasian system of environmental and climate regulation for EAEU
The Eurasian Economic Union plans to create a Eurasian system of environmental and climate regulation – as announced by the official representative of the Eurasian Economic Commission, Iya Malkina, during an online briefing
“It is proposed to make additions to the Union’s right regarding the co-ordinated climate policy: in particular, to create a Eurasian system of environmental and climate regulation, and also to implement the principle of mutual recognition of national carbon regulations which will ensure, among other things, the refusal of states to introduce restrictive measures in mutual trade motivated by climate goals,” Ms. Malkina said.
The EEC official representative stressed that – to ensure implementation of the plans dealing with green transformation of the EAEU states’ economies – not only state funding is needed but also significant private investments, both domestic and foreign.
“To facilitate their inflow, it is proposed to supplement and develop the EAEU Treaty in terms of the investment regime, with an emphasis on climate and adaptation projects. Secondly, in terms of natural absorbing capabilities, the EAEU occupies one of the leading places in the world. This means that the EAEU – as an integration association – boasts a significant untapped potential for active participation in formation of global climate rules. Importantly, the benefits of such participation can be guaranteed to all EAEU states only in the format of the Union,” Ms. Malkina added.
At the same time, according to her, it is proposed to create a Eurasian Green Project Financing Factory in the future. It will be aimed, among other things, at end-to-end infrastructure projects, with involvement of development institutions of all EAEU states, the Eurasian Development Bank and the Eurasian Economic Commission.
