Negotiations are underway regarding carbon markets and carbon pricing, Elnur Soltanov, Deputy Energy Minister of the Republic of Azerbaijan, Chief Executive Officer of COP29 Azerbaijan said during a roundtable on ‘Carbon Mitigation and Market Mechanisms,’ APA reports.
He noted that when pricing carbon, taxes, and emissions should be taken into account: ‘The world is moving forward. Many creative individuals are being involved in this matter. The UK made significant strides at COP-26. The issue related to carbon markets is country-specific. In this regard, awareness-raising and training are essential. At the same time, the most important issue is that carbon markets transcend borders. The main question here is Article 6. The improvement of this article requires support from countries. The difficulties related to carbon markets are caused by unilateral actions. Some unilateral steps can create specific problems. This should be linked to the commitments established in the Paris Agreement and other signed docum
ents. Some unilateral actions may raise questions for other countries. The most effective way is to reduce carbon emissions. If we do not address the issue of greenhouse gases, the problem will deepen. Currently, there are also investors in this field in our country who are making profits. The legislative part is already prepared, and the Ministry of Economy is very active in this area.’
Source: Azeri-Press news agency