Ethiopia and Russia Sign MoU on Low-Carbon Development Framework.

Baku: Ethiopia and Russia signed a Memorandum of Understanding (MoU) on climate change and low-carbon development in the framework of COP29. The two countries inked the deal in the framework of the 29th Conference of the Parties to the UN Framework Convention on Climate Change, currently being held in Baku. The signing ceremony was attended by the representatives of the Russian Union of Industrialists and Entrepreneurs (RSPP).

According to Ethiopian News Agency, State Minister of Planning and Development of Ethiopia, Seyoum Mekonnen, and Deputy Minister of Economic Development of Russia, Vladimir Ilyichev signed the MoU. Deputy Chairman of the RSPP Committee on Climate Policy and Carbon Regulation, Sergey Tverdokhleb also attended the event, while members of the RSPP Committee contributed to the consultations held in preparation for the document. It is expected that the signing of the memorandum may be a starting point for further cooperation between the two countries in the realms of climate change mitigati
on, sustainable financing, joint implementation of climate projects, and development of carbon trading.

An additional action under the memorandum is the establishment of a working group on climate change and low-carbon development. The deal will promote the best practices in greenhouse gas emissions reduction; conduct joint applied scientific research; and share experiences in the development of carbon regulation mechanisms and carbon markets.

According to Vladimir Ilyichev, the working group is expected to be formed within six months of signing of the MoU, enabling Russia and Ethiopia to deepen practical cooperation across various aspects of the climate agenda. He also mentioned that Ethiopia is expected to sign the BRICS Memorandum on Carbon Market Partnership soon. “This partnership will allow BRICS countries to discuss a wide range of issues related to the development of carbon markets and, in the future, conduct carbon unit trading,” Ilyichev added.

International carbon markets and cross-border cooper
ation in the implementation of climate projects may be a keystone to achieve the goals set by the Paris Agreement. According to Andrey Melnichenko, Chairman of the RSPP Committee on Climate Policy and Carbon Regulation, the potential of climate projects in natural ecosystems and geoengineering projects could account for up to 150 Gt CO2-equivalent annually, far above all anthropogenic emissions combined. The BRICS alliance that Ethiopia joined early in 2024 accounts for more than a third of this potential.

Cooperation between Russia and Ethiopia on climate aligns with the business interests of both countries, it was learnt. “Russian businesses view international climate cooperation, including climate project interaction with Ethiopia and other BRICS countries, as an important means to achieve both corporate and national climate goals. We hope the signed document and the planned working group will form a solid foundation for partnership development,” – noted Sergey Tverdokhleb, Deputy Chairman of the RSPP Com
mittee on Climate Policy and Carbon Regulation.