Azerbaijan has developed a series of regulations aimed at both the voluntary and compliance carbon markets, said head of the environmental policy department at the Ministry of Ecology and Natural Resources, Faig Mutallimov at a seminar titled "Introduction to Voluntary Carbon Markets in Azerbaijan," AzVision.az reports.
“These regulations will enable the establishment of an emissions trading system alongside a concurrent carbon taxing regime currently under governmental discussion. We acknowledge the significance of governing this carbon market system,” he emphasized.
The seminar, as pointed out by Mutallimov, is an integral part of Baku's Climate Week.
“As has been pointed out, carbon markets are becoming increasingly important in addressing global greenhouse gas emissions. One of the key topics at this year’s COP29 in Baku will be the discussion of Article 6, which will consider the mechanisms for international carbon markets to be established under Articles 6.2 and 6 at both bilateral and international levels,” he added.
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