The Russian government has drastically watered-down its new package of climate change legislation after push-back from the country’s leading businesses, the Kommersant reported. “The idea of putting a price on carbon dioxide in Russia has fallen victim to the industrial lobby,” according to the analysts at VTB Capital.
 “The model on which the Russian economy has been based for the past 20 years is dying. Everybody needs to find a way to move money into low-carbon areas of the economy. Under the leadership of Rosneft and Gazprom, this cannot be done,” said Mikhail Yulkin, Director of the Center for Environmental Investment.
 Russia ratified the Paris Climate Agreement (2015 ) on September 23rd, committing itself to reducing carbon dioxide emissions to 70% of the1990 level. It is the world’s fourth-largest polluter.
 Russia emitted 1,734 million tonnes of carbon dioxide in 2005. However, the Kremlin has set 1990 as its benchmark, when Russia emitted 2,397 million tonnes – a figure 38% higher than the Paris recommendations and significantly more than what Russia is emitting today.  A 30% reduction from the 1990 level would allow Russia to produce 1,678 million tonnes of carbon dioxide a year — only 5% less than the 1,765 million tonnes produced in 2017.