Russia will present proposals for the creation of an international carbon market at the UN Climate Change Conference COP29 in Azerbaijan; the summit will take place in Baku on November 11-22. This was announced by the Russian president’s special envoy for relations with international organizations, Boris Titov, whose words were presented by the presidential press service, TASS reports.

"Of course, we [i.e. Russia] have to find out what we want in the domestic market. But it is more important to form an international carbon market with uniform conditions, with really working accounting and exchange mechanisms. Most likely, we will deal with it next year on the scale of the Shanghai Cooperation Organization if a decision is made to establish a sustainable development council. At COP29 in Baku, the country [i.e. Russia] will present its position in this regard," said Titov.

A good base for green energy has been created in Russia, but its rapid development will be possible only after certain incentives. The internal market of renewable energy in Russia is still very small, but this could change in the new global conditions.

"Most likely, it will happen that way. A full carbon market requires clear conditions. All this is considered a game for now, despite the achievements of climate neutrality. And the conditions should be uniform for everyone," added Titov.