Today, Russia is facing a climate paradox. On the one hand, it is among the world’s largest emitters of CO2, due to its natural wealth in fossil fuels and its energy-intensive heavy industries. Both are staples of the Russian economy. On the other hand, the country is a biological climate haven and home to almost a quarter of the world’s forests. These vast woodlands play an essential role in the global carbon cycle and the sequestration of CO2 in the atmosphere. These two binary characteristics pose to Russia a unique challenge: how to promote its economic interests while protecting its natural capital. By adopting modern environmental management systems, Russia can limit its exposure to policies from external trade partners that restrict market access for products with a high-carbon footprint. This event jointly organised by CEPS and the World Bank will feature a discussion on the economic and environmental challenges facing Russia in a climate-focused world.