Russia, Azerbaijan sign low-carbon development cooperation memorandum
MOSCOW. Aug 19 (Interfax) - Russia and Azerbaijan have signed a memorandum of understanding on climate change and low-carbon development, the press service for the Russian Economic Development Ministry said.
The document was signed by Russian Economic Development Minister Maxim Reshetnikov and Azerbaijan's Ecology and Natural Resources Minister Mukhtar Babayev.
"Russia and Azerbaijan have a similar vision with regard to the 'green agenda'. Our countries realize to an equal extent how detrimental the impact of climate change is on the ecosystem, infrastructure and people's lives," the press service quoted Reshetnikov as saying.
Russia is taking active measures at this stage to achieve carbon neutrality by 2060, he said. And Azerbaijan, for its part, is working to reduce greenhouse gas emissions by 35% before 2030 and by 40% by 2050.
According to the text of the document, Russia and Azerbaijan agreed to share their best practices of sustainable and green financing, in reducing greenhouse gas emissions, increasing energy efficiency and adapting to climate change. They will also exchange their experience regarding the adoption and functioning of carbon regulation mechanisms, participation in voluntary carbon markets, and exchange trading in carbon units.
"The memorandum will allow Russia and Azerbaijan to launch joint climate projects and conduct studies aimed at enhancing the absorption of greenhouse gases and cutting industrial emissions. The new document will allow our countries to introduce joint technologies with low, zero and negative greenhouse gas emissions, including carbon capture, use and storage technologies, technologies related to renewable and other low-emission energy resources, hydrogen technologies," Reshetnikov said.
The memorandum entered into force on the day of its signing and will be in effect for five years. Russia and Azerbaijan will hold climate change consultations in various bilateral and multilateral formats, including the UN Framework Convention on Climate Change and UN platforms, as part of their steps to implement this document.
