ICF will lead an advisory team that has been awarded the contract under the European Commission's TACIS program, which provides technical assistance for newly independent states.
The Kyoto Protocol came into force in Russia on February 16 this year following the decision of the Government to ratify the treaty. Russia now must design and implement national policies and systems for 2008-12 and thereby remove any obstacles to it participating in the $US5-10 billion per year global carbon market.
"Russia's decision to ratify the Kyoto Protocol was based, in part, on the tremendous opportunities that exist for it to attract inward green investment through the rapidly growing carbon market,” ICF London managing director Abyd Karmali said.
"It is important to note the consequences of Russia not being ready to participate in the carbon market could be severe for companies in Europe, North America and Japan, which have emissions reduction obligations. ICF Consulting's analysis suggests that Russia's allowances and carbon credits - potentially worth billions of dollars -- will be a key determinant of the price of carbon dioxide in 2008-12," he said.
ICF will be charged with improving Russian emissions monitoring and reporting, developing a blueprint for a national registry of emission allowances and credits, and providing recommendations for Russia to realise emission reduction projects that could earn carbon credits and attract investment.
