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Rosneft commences the development of a forest climate project

17 June 2022

Rosneft and Saint-Petersburg State Forest Technical University named after S.M. Kirov (SPbSFTU) signed an agreement of cooperation at the 25th St. Petersburg International Economic Forum to develop a forest climate project in the Krasnoyarsk Region. The document states that the researchers are to develop a set of forest management activities with a total potential of 10 million tons of CO2-equivalent.

This project, initiated by the Company jointly with the government of the Krasnoyarsk Region to unlock the potential of natural absorption of greenhouse gas, received the approval of the President of the Russian Federation.     

Pursuant to the agreement, SPbSFTU specialists will review the international standards and world best practices for the forest climate projects and develop recommendations for their implementation in the Krasnoyarsk Region, including projects associated with reforestation, afforestation, protection and conservation of high conservation value forests, etc.

Key components of the Company's long-term environmental agenda include the Rosneft-2030 Strategy: Reliable Energy and Global Energy Transition. One of the top priorities of the new strategy is carbon footprint reduction. The Company set a goal to achieve net carbon neutrality (Scope 1 and 2) by 2050. The Rosneft-2030 Strategy also sets out short- and mid-term horizons for the climate agenda: 5% reduction in absolute greenhouse gas emissions by 2025; methane intensity reduction to less than 0.2% by 2030; over 25% reduction in absolute greenhouse gas emissions (versus 2020 level) by 2035.

For reference:

SPBSFTU is the leading research & methodology center of the higher forestry educational institutions in Russia and the forest competence center. In 2021, the Company and the University signed an agreement on cooperation in research and innovation.

A climate project is a set of actions aimed at reducing greenhouse gas emissions or increasing their absorption. Climate project deliverables are carbon units, i.e. the number of avoided or absorbed emissions expressed in tons of CO2-equivalent.

Rosneft traditionally pays special attention to reforestation. The Company and its subsidiaries planted about 9.3 mln transplants of various tree species in 2021. The forest is a natural absorber of greenhouse gases and an effective decarbonization tool.

Information and Advertising Department
Rosneft
17 June 2022

These materials contain forward-looking statements regarding future events and expectations. All statements contained in these materials that do not relate to matters of historical fact constitute forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any expected results, performance or achievements expressed or implied by such forward-looking statements. We assume no obligation to update the data contained herein to reflect actual performance or results, changes in underlying assumptions or factors affecting the forward-looking statements.