Russia expects BRICS countries to sign carbon markets partnership memorandum before year's end

BAKU. Nov 19 (Interfax) - The BRICS countries have drafted a special memorandum for partnership on carbon markets and it is expected to be signed before the end of 2024, the director of multilateral economic cooperation and special projects at Russia's Economic Development Ministry, Nikita Kondratyev said during a session at the Russian pavilion at the UN COP29 climate conference.

The launch of a partnership is expected to enable the countries to study one another's experience in creating carbon markets and implement joint climate projects, including with the issue of carbon units.

However, it is premature to talk about the harmonization of BRICS countries' carbon markets, Kondratyev said.

"Everyone is looking, foremost, to the negotiation processes within the context of the UN [Framework Convention on Climate Change], and when we try to propose to build our own system, everyone is a little scared of this. Right now the main goal is to understand one another better, understand the national mechanisms that are being used in each BRICS country," Kondratyev said.

He recalled that the BRICS countries created a contact group for climate cooperation and sustainable development this year and also identified the range of key issues: a just energy transition, its financing, adaptation, mitigation and carbon regulation.

"We hope that the Brazilian chairmanship next year will coordinate this work between COP and BRICS and pick up all our initiatives that we adopted and are applying. We've precisely set the goal of signing the memorandum on carbon markets before the end of the year," Kondratyev said.

Russia signed memorandums of understanding on climate change and low carbon development with India and Azerbaijan this year, the Economic Development Ministry said. There are plans to sign similar memorandums with another ten countries in 2025, including Brazil, the United Arab Emirates, Saudi Arabia, Vietnam, Thailand, Indonesia, Egypt, Oman, China and Singapore.