Russia proposes forming common voluntary market for carbon units within EAEU
MOSCOW. Jan 26 (Interfax) - Russia proposes establishing a common voluntary market for carbon units among Eurasian Economic Union (EAEU) member countries, and Economic Development Minister Maxim Reshetnikov delivered the statement at the EAEU seminar on the climate agenda.
"We propose setting practical tasks for forming a voluntary market for carbon units. In order to do this, we need to resolve several tasks. We need to agree on common standards, and the carbon regulation will be implemented on a voluntary basis at the union level, that is first. Second, we need to agree on who will verify and, accordingly, create an accreditation system for those who will verify and validate projects, and, accordingly, agree on mutual recognition," Reshetnikov said.
Reshetnikov noted that coordinating approaches to the climate agenda and establishing a system of cross-border trading in carbon units could incentivize achieving national goals to reduce greenhouse gas emissions, as well as solidify EAEU countries' positions at the relevant conference venues, including as part of the Conference of the Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCCC).
Reshetnikov also invited the EAEU member countries to consider preparing a document that would consolidate the main areas of economic cooperation as part of the climate agenda.