Entrepreneurs and big polluters can now profit from greenhouse gas emissions cuts by investing in Russia.

On January 29, the Russian government set down the much-needed rules for the development of Joint Implementation (ji) projects. ji is a carbon trading mechanism set up under the 1997 Kyoto Protocol to allow projects cutting greenhouse gas emissions from former communist countries and transition economies. The scheme has lagged despite European investors putting us $4.4 billion on the table.

In May 2007, the Russian government issued a decree laying down principles for ji projects in the country. But the rules and regulations to underpin the approval and verification of projects were to be laid out. The government says over 300 million tonnes of greenhouse gas reductions can be achieved under ji between 2008 and 2012.