‘The Carbon Mitigation and Market Mechanisms’ Roundtable brought together public and private sector stakeholders in support of improved dialogue, coordination, and action with regard to carbon trading scheme development and governance. The event aimed to support key stakeholders in Azerbaijan, including government and industry, as Azerbaijan works to establish a carbon market. It informed stakeholders about, and spark discussion on, the main policies and tools to support carbon markets. The roundtable also supported efforts to educate businesses on carbon market infrastructure, verification, and mechanisms.
The main objectives of the roundtable are to highlight policy issues relevant to Azerbaijan’s efforts to set the foundation for carbon market infrastructure, to draw attention to recommended policy practices, discuss possible challenges and to share international case studies with a particular focus on the British experience with carbon markets.
“Voluntary carbon markets will turbocharge Azerbaijan’s climate action and will firmly put Azerbaijan on the international map of planet-friendly nations. Our goal at COP29 is to support the creation of a carbon credit trading framework that is resilient, growing, inclusive and fair to all”, said Nigar Arpadarai, COP29 High-Level Climate Champion.
“The UK is acting to shape global carbon markets and ensure developing countries can access them through our participation in the UN climate negotiations and through targeted international climate finance programming. Evidence suggests that carbon markets could be worth several billion pounds annually by 2030, and potentially much more in the following decades. This is finance that is sorely needed given the scale of the challenge we face.” said Fergus Auld, British Ambassador to Azerbaijan.
“BSI is delighted to support the COP29 team, the British Embassy in Baku and other stakeholders during the Baku Climate Action Week and to contribute to the Carbon Mitigation and Market Mechanisms Roundtable. Azerbaijan has a golden opportunity to design its national carbon mitigation policy using the best international practice and experience”, said Volodymyr Yakubov, International Development Director, BSI.
“Carbon markets will be at the top of the agenda at COP29 later this year — they are an undeniable and essential mechanism to channel capital into the world’s most environmentally impactful solutions and accelerate the global Net Zero transition. It’s crucial to pool expertise from across the market and share knowledge on how we can develop carbon markets which focus on quality, as this sector continues to grow and scale. We’re delighted to join the British Standards Institute, the British Embassy, the Azerbaijani Government and the COP29 team to support their work developing a high-integrity carbon markets and to discuss the crucial role ratings play in assessing quality.”, said Lily Ginsberg-Keig, Policy Manager, BeZero Carbon.
