Russian policy and legal framework in the environmental and climate change sectors have undergone substantial development in recent years. Particular attention is currently paid to reduction of greenhouse gas (GHG) emissions, carbon neutrality and climate change initiatives.

On 29 October 2021, the Russian Government approved the Strategy for Low Carbon Social-Economic Development of Russia, which envisages reduction of GHG emissions by 60 per cent from the 2019 levels and by 80 per cent from the 1990 levels by 2050, among others. In addition, the Russian Federation intends to reach net zero by 2060. The strategy also envisages investments into reduction of GHG emissions of approximately 88.8 trillion Russian roubles.

The year 2021 was marked with a number of significant new pieces of legislation and recommendations of the regulators and other stakeholders. Notably, Central Bank of Russia's recommendations for disclosure of ESG information by public joint stock companies, the new law on limitations on GHG emissions and the Russian taxonomy, which is further described in Part VII.