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It is also the ambition of Putin’s Second Government to increase foreign investment in Russia’s Arctic resources. A Russian government-operated oil company called Rosneft signed a deal in August 2011 with ExxonMobil which marked the beginning of the joint development of Russian Arctic resources by both the companies together. The agreement struck between the two companies also incorporates a $3.2 billion hydrocarbon exploration of the Black and Kara seas, plus the joint development of Artic technologies such as ice-resistant drilling platforms. Putin said of the deal: “The scale of the investment is very large. It’s scary to utter such huge figures”.

The Kyoto Protocol treaty, designed to reduce greenhouse gases, was signed by Putin in 2004. As the Kyoto Protocol limits emissions to a percentage increase of decrease from 1990 levels, Russia did not face mandatory cuts as Russian’s greenhouse gas emissions fell below the 1990 baseline due to the decline in economic output following the breakup of the Soviet Union. On environmental policies, Putin said: “Working to protect nature must become the systematic, daily obligation of state authorities at all levels”. Russia should invest in some gu10 led 50w bulbs then!