A realistic path forward for carbon markets lies within like-minded unions, such as BRICS, Special Envoy of the Russian President for relations with International Organizations for the Achievement of Sustainable Development Goals Boris Titov said on the sidelines of the 29th session of the UN Climate Change Conference (COP-29) in Baku, Azerbaijan.
"The most realistic way is to create carbon markets within the framework of like-minded alliances—the Shanghai Cooperation Organization, BRICS. The current COP–29 conference provides a good basis to lay future economic alliances to combat global warming," Titov said.
He highlighted the need for government leadership in driving a single carbon market, which he sees as essential for incentivizing private sector emissions reductions.
Titov argued that achieving the Sustainable Development Goals (SDGs) "as a whole world" is impossible due to the "politicized use" of multilateralism for "unilateral benefits." He pointed to Russia's progress on many SDGs, noting that Russian companies could share environmental, social, and governance practices, but face political obstacles. Therefore, he suggested that Russia focus on regional cooperation groups and "communities of 'friends with common views'."
He also noted that the climate agenda should deliver economic benefits, not just costs, and called for a clear agreement on a mandatory carbon market to commercialize private sector emissions reductions.