Within the framework of the 2024 UN Climate Change Conference (UNFCCC COP 29) held in Baku, Ethiopia and Russia signed a memorandum of understanding on climate change and low-carbon development.

The document was signed by Vladimir Ilyichev, Deputy Minister of Economic Development of Russia, and Seyoum Mekonnen, Deputy Minister of Planning and Development of Ethiopia.

The main objective of the memorandum is to create a framework for further cooperation in the field of climate change, low-carbon development and sustainable finance, as well as the possibility of implementing climate projects and developing carbon markets. This is reported by Fana Broadcasting Corporate, a partner of TV BRICS

"This year Russia has paid special attention to the climate agenda as part of its BRICS chairmanship. With the support of the Ethiopian side, we managed to adopt the BRICS Framework on Climate Change and Sustainable Development. In the near future we expect Ethiopia, as a new member of BRICS, to sign the Memorandum of Partnership on Carbon Markets, which we have recently drafted with the BRICS countries," emphasised Vladimir Ilyichev.

He added that such a partnership will allow the BRICS countries to discuss a wide range of issues related to the development of carbon markets and, in the future, to trade in carbon units.

The Memorandum and the newly established BRICS Contact Group on Climate and Sustainable Development will allow the BRICS countries to fulfil their objectives as effectively as possible.

According to the text of the document, the countries agreed to conduct joint research and development on energy efficiency and adaptation to climate change, share best practices in greenhouse gas emission reduction, sustainable and green finance, as well as share experience in the implementation and operation of carbon regulation mechanisms, participation in voluntary carbon markets and exchange trading in carbon units.

The working group will be established within six months of the signing of the memorandum. Representatives of regions, experts and business circles from Russia and Ethiopia will be able to participate in the working group meetings.