Azerbaijan Eyes Carbon Pricing To Achieve Emission-Cutting Goals

10/3/2024 3:09:20 PM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 3. Azerbaijan is considering the implementation of carbon pricing to achieve emissions reduction goals, Deputy Head of the State Tax Service under the Ministry of Economy of Azerbaijan Samira Musayeva said at a roundtable discussion on "Carbon Mitigation & market Mechanisms" at ADA University as part of Baku Climate Action Week, Trend reports.

"One of the most effective tools in combating climate change is the introduction of carbon pricing. This measure not only promotes green growth but also provides a critical mechanism for reducing greenhouse gas emissions," Musayeva said.

She also addressed the issue of the Carbon Border Adjustment Mechanism (CBAM), which aims to reduce emissions but raises numerous questions regarding administration and practical implementation.

"Azerbaijan is developing a national climate strategy, exploring various ways to integrate carbon pricing and possible hybrid models that may include carbon taxes and emissions trading systems. We are learning and striving to adopt best practices, including market mechanisms. For example, several models under the Kyoto Protocol and the Paris Agreement serve as benchmarks as we develop our carbon pricing policy. Our goal is to create a framework that supports sustainable development while balancing economic growth and environmental protection," Musayeva noted.

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