Azerbaijan may introduce systematic monitoring of its carbon market under the draft law "On Climate," which has been submitted for public discussion by the Ministry of Ecology and Natural Resources, Report informs.
The monitoring framework will encompass operations related to the issuance, transfer, use, and cancellation of carbon units, the analysis of transactions within the National Carbon Registry, oversight of legislative compliance, and the identification of market risks.
The draft legislation also outlines provisions for the official registration of carbon projects, provided they meet specific criteria. These include additional emissions reductions, measurability, verifiability, the elimination of double counting, leakage risk management, and the inclusion of social and environmental safeguards, the ministry noted.
In cases where violations are detected during the monitoring process, appropriate enforcement measures will be taken in accordance with national legislation.
