The forest sector in the Russian Federation needs to be modernized using innovations and breakthrough technologies to maximize its potential as a global mitigator of climate change and an important source of timber, according to a new study presented today by the Food and Agriculture Organization of the United Nations (FAO) and the Government of the Russian Federation.

Sprawling from the Baltic Sea to the Pacific Ocean, Russia has more than a fifth of the world's forests, which makes it the largest forest country in the world. However, the considerable potential of Russian forests is underutilized and Russia's share of the global trade in forest products is less than four percent. Lack of governance, outdated equipment and underfinancing are among major factors that impede the development of the Russian forest sector, according to the report.

The Russian Forest Sector Outlook Study to 2030 urges immediate action on modernizing the Russian forest sector, increasing its investment attractiveness, stimulating domestic demand for forest products such as wooden housing and furniture, addressing the illegal logging issues and reforming forest public institutions and legislation.

"The study broadens our knowledge about the huge opportunities and possible development potential of the Russian Federation's forest sector," said FAO Assistant Director-General for Forestry Eduardo Rojas-Briales. "Modernizing Russia's forests will have a positive impact on social, economic and environmental conditions in the Russian Federation and will contribute to the development of world forestry, forest industry, wood trade and the environment."