The article is devoted to the problem of substantiation and effective implementation of the climate policy of Russia by involving Russian business in its implementation in the form of mandatory and voluntary climate projects (CP), which is classified as a priority in a number of official documents of strategic importance for the country. Among the various aspects of this problem, taking into account the level of its elaboration in regulatory and legal documentation, specialized literature, as well as reflection in business practice, the following tasks come to the fore: clarification of the methodology and methods for assessing climate projects, consistent with international approaches and taking into account the specifics of the modern socio-economic and geopolitical situation; determination of framework conditions that contribute to the payback of CPs and their positive impact on the competitive positions of the country as a whole and individual enterprises, in particular. In this context, the authors form a list of the highest priority climate projects for their implementation by Russian businesses on a mandatory and voluntary basis, taking into account their economic feasibility and achievement of carbon neutrality goals. Along with this, they calculate the commercial effectiveness of the implementation of climate projects, briefly assess the sanctions risks associated with the international recognition of their climate effect, and develop recommendations for the regulator on appropriate financial support and stimulation of wider involvement of enterprises in their implementation. The article reveals the position of the authors on a number of actively discussed issues, including the following: methods of economic justification of business climate projects and the prerequisites for their commercial feasibility; a comprehensive assessment of the full effect of the relevant projects, not limited only to their role in reducing carbon intensity; the advisability of rethinking the priorities of climate policy taking into account these results; target tasks for fine-tuning the regulatory mechanism and methods of financial incentives for more active involvement of Russian businesses in the implementation of climate projects.