Ambassador: UK ready to cooperate with Azerbaijan to reach consensus in Baku

The United Kingdom is ready for fruitful cooperation with Azerbaijan to reach a consensus in Baku on the outcomes of the event, British Ambassador to Azerbaijan, Fergus Auld, said at ADA University during a round table on "Emission mitigation and carbon market mechanisms."

According to Report, the ambassador noted that the upcoming COP29 will finalize the technical component of Article 6 of the Paris Agreement.

"At COP29, some outstanding technical Article 6 topics remain to be concluded – and I commend Azerbaijan as the incoming Presidency for recognising early that this is an area of the negotiations in which they can help us all take an important step forward," Auld said.

The ambassador emphasized that while he is not an expert in markets and finance, he has been regularly monitoring the carbon market for 18 years.

"Market mechanisms are an essential part of ensuring that climate finance flows efficiently and at scale to the projects we need globally to tackle the climate crisis," said Auld.

The ambassador stressed that putting a price on carbon is a fundamental element of tackling climate change.

"It provides a cost-effective way of reducing emissions and mobilising the private sector. Evidence suggests that carbon markets could be worth several billion pounds annually by 2030, and potentially much more in the following decades. This is finance that is sorely needed given the scale of the challenge we face," he said.

Auld thanked Azerbaijan for holding discussions related to such topics, as they raise awareness in the global community.

He voiced hope that this will raise awareness and create ground for a number of interesting proposals on how Azerbaijan can use the potential of carbon markets for its own transition to net zero