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The Macro-Economic Policy Department of the Eurasian Economic Commission has published an analytical report "On International Experience in Developing and Implementing the Principles, Measures and Mechanisms of a Green Economy and Conceptual Approaches in the Eurasian Economic Union."

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The report is an intermediate stage for preparing, jointly with the Union countries, a draft Concept for Implementing the Green Economy Principles in the EAEU in 2023 as provided for by the Strategy-2025.

The report includes an analysis of international experience and practice in developing green economy sectors and spheres, as well as conceptual approaches to the development and discussion of its principles for the EAEU.

"The green transformation of the EAEU is viewed as a tool for transiting to a new technological and world economic order, taking the EAEU Member States' economies to a new level of a low-carbon and sustainable development characterized by low greenhouse gas emissions, a scientifically grounded environmental management system and the introduction of new environmental and industrial technologies", the report says.

According to the Commission analysts, the EAEU needs to develop its climate agenda and carbon regulation system subject to the current international climate agreements signed by the Union countries.

According to the report, the Union's international climate agenda should be based on the mutual recognition of national carbon regulations, including criteria for classifying the projects as green and adaptation ones, as well as methodologies and techniques for calculating and estimating carbon footprints and carbon units.

Mutual recognition provided by compatible regulations will make it possible to implement "end-to-end" Eurasian and international investment and climate projects, avoid the introduction of climatic barriers to trade within the EAEU motivated by differences in the regulatory burden and neutralize the negative impact on EAEU exports of potentially possible transboundary climate regulation measures in the markets of third-party countries.

As the Commission analysts emphasize, the common EAEU system of environmental and carbon regulation will create additional benefits for both states and businesses.  

In particular, at the expense of funds transferred to environmental foundations in connection with polluting and carbon emissions, states will have additional financial resources that can be used to implement climate projects, and enterprises will have efficient fiscal and economic incentives to reduce emissions.