BAKU, November 11. /TASS/. Participants of the 29th Conference of the Parties to the UN Framework Convention on Climate Change (COP29), which kicked off in Baku on Monday, must reach an agreement on the launch of international carbon markets, Simon Stiell, executive secretary of the UN Framework Convention on Climate Change (UNFCCC) said at the conference.
"Here in Baku, we must get international carbon markets up and running by finalizing article 6 [of the Paris Agreement]," he said speaking at the opening of the event. Article 6 of the Paris Agreement on Climate Change provides for the introduction of specific mechanisms for regulating greenhouse gas emissions and trading carbon units.
"Clean energy and infrastructure investments will reach $2 trillion in 2024. Almost twice that of fossil fuels. A shift to clean energy and climate resilience will not be stopped. Our job is to accelerate this and make sure that its huge benefits are shared by all counties an all people," the executive secretary of UNFCCC stressed.
Earlier, the Russian President’s special envoy for relations with international organizations, Boris Titov, said that Moscow would present its proposals for the creation of an international carbon market at COP29. According to him, Russia has prepared a good base for green energy and work on the formation of mechanisms for accounting for carbon units can be carried out as part of the Shanghai Cooperation Organization.
The UN’s Conference of the Parties (COP29) in Baku became the first one in the post-Soviet space. According to preliminary estimates, up to 80,000 foreign guests will visit the capital of the republic during COP29. As previously reported by the Executive Director of COP29, Deputy Minister of Energy of Azerbaijan Elnur Soltanov, more than 50 heads of state and government have confirmed their participation in the conference.