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Sberbank Powers under Article 6 of the Kyoto Protocol – Reality and Forecasts

October 2009 - Finance. Legal Developments by Vegas Lex Law Firm .

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Pursuant to its Decree No. 884-r of 27 June 2009 (the “Decree No. 884-r”), the RF Government authorized the Joint Stock Commercial Savings Bank of the Russian Federati on (the “Sberbank”) to secure implementati on (take part in implementi ng) certain obligati ons of the Russian Federati on fi xed in the Kyoto Protocol to the United Nati ons Framework Conventi on on Climate Change (the “Kyoto Protocol”). These powers of the Sberbank of Russia relate, without limitati on, to Arti cle 6 of the Kyoto Protocol.

Arti cle 6 of the Kyoto Protocol sets forth a mechanism known as “joint implementati on projects” (the “JIP”) meant to provide for a possibility of transfer by a “receiving party”1 of the emission reducti on units (ERU) resulti ng from projects aimed at reducing anthropogenic emissions to the “investi ng party”.

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