Azerbaijan highlights progress on carbon markets, pricing

Elnur Soltanov, Azerbaijan's Deputy Energy Minister and Chief Executive Officer of COP29, addressed a roundtable on “Reduction of carbon emissions and market mechanisms,” highlighting ongoing negotiations regarding carbon markets and pricing.

Soltanov emphasized the importance of integrating taxes and emissions into carbon pricing, Caliber.Az reports per local media.

“The world is moving forward, and there are very creative people involved in this issue,” he said.

The deputy minister pointed out significant developments made during COP26 in the UK, which have influenced discussions around carbon markets.

Soltanov stressed that effective training and education are crucial for understanding carbon markets, particularly as these markets often transcend national borders. He noted that Article 6 of the Paris Agreement presents challenges, stating, “Country support is needed to improve this article,” and warned that unilateral actions can complicate international cooperation.

He reiterated the necessity of linking carbon market developments to commitments established by the Paris Agreement, noting that unilateral measures could provoke responses from other nations.

“The most effective way is to reduce carbon emissions. If we don't do that, the problem will worsen,” he cautioned.

Soltanov also mentioned that there are investments being made in Azerbaijan's carbon market, with potential for profit. He added that the legal framework is in place, with the Ministry of Economy actively involved in promoting initiatives in this sector.

By Vafa Guliyeva