Author(s)

E. SHVARTS, J. BUNINA & A. KNIZHNIKOV

Abstract

This paper provides a comparative analysis of voluntary environmental standards in key Russian industries. Five Russian industries, namely the oil and gas, mining, power generation, forestry and financial sector, with a high economic and environmental impact were analysed in order to determine the degree of implementation of voluntary environmental standards. It was determined whether or not companies possess voluntary environmental standards and reporting, in the oil and gas, mining and electricity production industries, an ISO 14001 and/or sustainability (non-financial) reporting with confirmation by an independent third party in accordance with Global Reporting Initiative; in the forestry industry a Forest Stewardship Council certification; and in the financial sector the Equator Principles, United Nations Environmental Program Financial Initiative, Principles for Responsible Investments and Carbon Disclosure Project. The paper presents data and information on adherence to the above-mentioned standards by the main Russian companies by size in each sector. The research determined that the top performing industries are forestry and oil and gas, whereas the power generating indus- try and the financial sector show fairly low levels of implementation.

Keywords

International environmental standards, voluntary certification, sustainability reporting, Russia, oil and gas industry, mining, forestry, financial sector, FSC, ISO 14001, GRI.