BAKU, Azerbaijan, November 18. The special representative of the President of Russia for relations with international organizations to achieve sustainable development goals Boris Titov will address the upcoming sessions of the UN Climate Change Conference 2024 (COP29) in Azerbaijan’s Baku, Trend reports.
Titov is scheduled to speak on November 18 at the session titled "Climate Cooperation of BRICS Businesses – 2024 and Future Prospects".
He will also address the session on November 21 on the "Sakhalin Climate Experiment: Results and Prospects for International Cooperation".
“The discussion of the Sakhalin experiment is being presented at the UN conference for the first time after three years of its implementation.
This is one of the attempts to simulate, in a local setting, the carbon unit market that has been widely discussed. It is not the first attempt, but it is effective and certainly interesting for our colleagues from other countries,” Titov said.
He emphasized that there are very few examples globally where CO2 emissions reporting is so thoroughly managed across all areas of human activity within a region. For Russia, it is especially important that the Sakhalin experiment takes place in a region where the fuel and energy sector plays a pivotal role.
“It’s crucial for us to develop an effective mechanism for reducing emissions without harming the extractive industries. I believe this experience has great practical value not only for Russia but also for others,” he added.
The Sakhalin Climate Experiment aims to achieve carbon neutrality in the region by 2025, where greenhouse gas emissions are balanced by their absorption. It also seeks to establish a system for emissions trading that could later be scaled to other regions of Russia.
Enterprises that fail to meet the set emissions quotas have two options: they can either purchase the necessary carbon units from climate projects or pay a fine for every ton of CO2 emitted beyond the allowable limit. The first carbon trading auctions on Sakhalin are expected to take place in 2025.