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Analyzing the policy for transition to a low-carbon economy in Russia: Financial considerations

Vol. 25, Iss. 7, JULY 2019

Received: 10 June 2019

Received in revised form: 24 June 2019

Accepted: 8 July 2019

Available online: 1 August 2019

Subject Heading: CHALLENGES OF GLOBALIZATION

JEL Classification: O43, Q01

Pages: 1646–1662

https://doi.org/10.24891/fc.25.7.1646

Ratner S.V. V.A. Trapeznikov Institute of Control Sciences, Russian Academy of Sciences, Moscow, Russian Federation
lanarat@mail.ru

https://orcid.org/0000-0003-3485-5595

Berezin A.E. Peoples' Friendship University of Russia, Moscow, Russian Federation
aberezin@alumni.harvard.edu

https://orcid.org/0000-0001-9250-5177

Subject The article focuses on decarbonization of the Russian economy, modernization of production capacities, and introduction of innovative technologies in the fuel and energy complex, industry and housing sector.
Objectives The purpose of the paper is to analyze and evaluate the efficiency of government incentives for energy conservation and energy efficiency in the context of policies promoting the Russian economy decarbonization.
Methods Evaluation of the efficiency of government incentives for reducing the cost of greenhouse gas (GHG) emissions is calculated as the ratio of budgetary expenditures to emissions (for the full life cycle of energy products), which can be avoided as a result of implementation of Energy Efficiency and Energy Development State program. The source of empirical data for the calculation of CO2 emissions is the international EcoInvent database (version 3.5).
Results According to the calculations, the cost of reducing emissions through the program, which is aimed at promoting the renewable energy, is RUB 228 or USD 3.6 per metric ton of CO2 equivalent. The cost of emissions reduction by implementing the program for electric power industry modernization is RUB 717 or USD 11.33 per metric ton of СО2 equivalent. Thus, the calculated costs are significantly below the global average level, therefore, it is possible to speak of high budget efficiency of the activities undertaken.

Keywords: economic policy, performance evaluation, greenhouse gas emissions, emissions reduction

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