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, we need to complete work on some technical issues related to Article 6. I thank Azerbaijan, as the new chair, for agreeing at an early stage of negotiations to help us all take an important step in this direction,” said the diplomat.
The ambassador emphasized that he is not an expert in markets and finance, but has been regularly monitoring the carbon market for 18 years.
Market mechanisms are an important part of ensuring an effective and large-scale inflow of climate financing into projects we need on a global scale to overcome the climate crisis, said Auld.
The ambassador stressed that putting a price on carbon is a fundamental element in combating climate change.
He said this is a cost-effective way to reduce emissions and mobilize the private sector. The diplomat added that, according to the data, by 2030, the volume of carbon markets could amount to several billion pounds sterling per year, and much more in subsequent decades, 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.
