UK envoy: Azerbaijan can elevate carbon market negotiations

Azerbaijan has the potential to elevate discussions surrounding carbon markets to a new level, said Fergus Auld, the British Ambassador to Azerbaijan, during the round table on "Reducing Carbon Emissions and Market Mechanisms.

According to Auld, the UK government believes that carbon markets can attract funding and support countries, while also playing a crucial role in shaping these markets, Caliber.Az reports via local media.

"I am not a financial market expert. However, I do have experience in carbon trading. The UK has extensive experience in carbon markets," he remarked.

Auld highlighted that "establishing carbon prices is a fundamental issue."

"The key is to find a cost-effective way to engage the private sector. Financing in this area is a challenge we face. By 2030, carbon markets could create 17 million jobs, which means more jobs than the oil and gas sector. This is why the British Kingdom encourages over 30 countries to develop this market," he went on.

He added, "Within the framework of COP29, Azerbaijan can elevate negotiations to the next level and create conditions for us to take further steps."

Auld is convinced that if key issues are resolved at COP29 in Baku, significant financial opportunities could be unlocked.

"Carbon markets have the potential to deliver the greatest benefits to people and humanity. Funding should also be allocated in this domain," he concluded, reaffirming Azerbaijan’s commitment to meeting its zero-emission obligations.

By Aghakazim Guliyev