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Russia to present proposals for creating carbon market at UN climate conference in Baku

Russia has created a good base for "green" energy, but its rapid development will only be possible after incentives are defined

MOSCOW, October 17. /TASS/. Russia will present proposals for creating an international carbon market at the upcoming UN climate conference COP29, which will be held in Baku on November 11-22, the Russian president’s special envoy for relations with international organizations to achieve sustainable development goals Boris Titov said as quoted by his press service.

"Of course, we should figure out what we want in the domestic market, but it is even more important to have time to form an international carbon market with uniform conditions, with really working mechanisms for accounting for carbon units and their exchange. Most likely, we will start doing it next year on the scale of the Shanghai Cooperation Organization, if a decision is made to create a council on sustainable development. <...> Very soon, at the COP29 climate conference in Baku, our country will present its position on this matter," Titov said.

Russia has created a good base for "green" energy, but its rapid development will only be possible after incentives are defined. The domestic market for renewable energy in Russia is still very small, but with the onset of new global conditions, it may change.

"Most likely, this is what will happen. A full-fledged carbon market requires clear conditions. Although companies are now solemnly reporting on achieving climate neutrality, all this is still considered a game. And the conditions must be the same for everyone," Titov added.

The UN Climate Conference in Baku will be the first in the post-Soviet space. According to preliminary estimates, up to 80,000 foreign guests will visit the capital of Azerbaijan during COP29. As the executive director of COP29, Deputy Minister of Energy of Azerbaijan Elnur Soltanov, said earlier, more than 50 heads of state and government have confirmed their participation in the conference. As the special representative of the president on climate issues Ruslan Edelgeriev told TASS earlier, Russian President Vladimir Putin or Prime Minister Mikhail Mishustin may attend the conference.

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