BAKU, Azerbaijan, November 27. The West's historical responsibility for greenhouse gas emissions can be implemented within the framework of future carbon markets, the Special Representative of the President of Russia for International Organizations for Sustainable Development Boris Titov told reporters following the UN Conference on Climate Change 2024 in Baku (COP29), Trend reports.
“Two main results of the past conference address the questions ‘how much?’ and 'how?'” Titov summarized. - First, according to the new collective quantitative financial target (NCQG) for climate programs until 2035, developed countries should spend $300 billion a year for developing countries instead of $100 billion as before. Secondly, the methodological foundations for the formation of international carbon markets under the auspices of the UN have finally been laid,” he said.
According to Titov, direct demands for developed countries to give developing countries a trillion dollars in climate grants every year are unlikely to succeed.
"In this regard, the carbon markets' mechanism will achieve greater success, particularly when they incorporate carbon units from both natural CO2 absorption solutions and climate adaptation projects. Investors will find it easier to understand how funds invested in climate projects can yield returns once they sell carbon units in such an environment. I hope that the pilot projects within the SCO and BRICS, which we intend to work on, will demonstrate an example of such calculations. Although the climate forum has progressed with two important issues, it will take the determination and agreement of the parties to the agreement to turn progress into reality. Moreover, if the SCO and BRICS countries actively promote their vision of a just transition, we have a chance to get a real effect from climate policy,” Titov summarized.
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