Drained peatlands rewetting as a promising trend for carbon offsets in Russia: legal and economic aspects

“Zero” greenhouse gas (GHG) emissions is one of the most pressing climate protection goals worldwide. The most important questions for the Russian Federation are about the significance and role of the country’s ecological systems in achieving “carbon neutrality”: creating conditions to reduce emissions and increase the GHG absorption by ecosystems, the implementation of natural climate projects to protect the climate in the country, and recognition climate outcomes of such projects at the national and international levels. This article analyzes legal and economic aspects of the emerging trend of Russian drained temperate peatlands rewetting as a new carbon offset strategy. We discuss the regulatory context and evaluate non-climate benefits. Drained peatlands rewetting holds promise for substantial GHG reduction in the country. However, further development of the methodology and alignment with relevant international standards is required for international recognition of the national carbon offset projects focused on drained peatlands rewetting.