MOSCOW, August 19. /TASS/. Russia and Azerbaijan signed a memorandum of understanding on climate change and low-carbon development issues, the press service of the Russian Ministry of Economic Development said.

The document was signed by Russian Minister of Economic Development Maxim Reshetnikov and Azerbaijan’s Minister of Environment and Natural Resources Muxtar Babayev.

The parties agree to exchange best practices in sustainable and green financing, reduction of greenhouse gas emissions, energy efficiency growth and adaptation to climate change, and share the experience of implementing and functioning of carbon regulation mechanisms, participation in voluntary carbon markets and exchange trade in carbon units.