Boris Titov: Azerbaijan contributed to carbon markets development at COP29

At the COP29 summit, Azerbaijan managed to secure two agreements that advance carbon markets, Boris Titov, Russia's Special Presidential Representative for Relations with International Organizations, told NEWS.ru on the sidelines of COP29.

Report quotes him as saying participants of the climate conference in Baku returned to the Paris Agreement, some points of which had been deadlocked for 15 years.

"And now, finally, carbon markets have been launched, harmonized markets for all countries. Another matter is that each country develops its own models. There is now a foundation to form a mandatory market," he said.

According to him, Russia has the "Sakhalin Experiment," where enterprises receive greenhouse gas emission quotas. "Fines are applied for exceeding quotas. This is like a foundation for forming a mandatory market. Enterprises can pay in the form of a fine, or in the form of carbon units that are generated in environmental and other projects," Titov said.