XM does not provide services to residents of the United States of America.

Russia's claim of emissions in annexed Ukraine regions draws protests at COP29



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>Russia's claim of emissions in annexed Ukraine regions draws protests at COP29</title></head><body>

By Valerie Volcovici

BAKU, Azerbaijan, Nov 23 (Reuters) -Russia has included the territories it occupies in Ukraine in its recent greenhouse gas inventory report to the United Nations, drawing protests from Ukrainian officials and activists at the COP29 climate summit this week.

The move by Moscow comes as Russian President Vladimir Putin eyes potential peace deal negotiations with incoming U.S. President Donald Trump that could decide the fate of vast swathes of territory.

"We see that Russia is using international platforms to legalise their actions, to legalise their occupation of our territory," Ukraine's Deputy Environment Minister Olga Yukhymchuk told Reuters.

She said Ukraine is in touch with officials from the United Nations Framework Convention on Climate Change (UNFCCC), the U.N.'s main climate body, to ask it to resolve the dispute.

Officials representing the Russian foreign ministry and the UNFCCC did not respond to requests for comment sent on Thursday.

At issue is Russia's National Inventory Report of greenhouse gas emissions for 2022, which Moscow submitted to the UNFCCC on Nov. 8. In the submission, reviewed by Reuters, Russia said it could only provide data for 85 out of 89 of its territories "due to the absence of baseline data on land use for the territories of the Donetsk People's Republic, Luhansk People's Republic, Zaporizhzhia and Kherson regions, annexed in September 2022."

Russia had already included emissions from Ukraine's Crimea region, annexed in 2014, in its last few reporting submissions to the UNFCCC. It also included Crimea's land development plans in a report to the U.N. Global Biodiverity Framework in 2020.

Ukrainian Environment Minister Svitlana Grynchuk raised the issue in a speech to delegates at the COP29 summit earlier this week, saying Russia's reporting on Ukraine territories undermines the integrity of global climate efforts.

Yukhymchuk told Reuters this concern is based on the risk of double-counting of emissions over territories that together exceed the size of Portugal and Azerbaijan.

"It will bring us to a point that we do not achieve any of our goals if we don't have proper reporting under the Paris Agreement," she said.

Nikki Reisch, director of the Center for International Environmental Law's Climate & Energy Program, said the dispute reflected how geopolitical turmoil was diverting the world's attention from the work of fighting global warming.

"I think that is a sign of the times," said Reisch on the sidelines of the COP29 summit.

"We're living amidst rampant conflicts, and that is certainly infecting these talks."

Christina Voigt, a law professor at the University of Oslo, said Russia's reporting on Ukraine emissions violated Ukraine's sovereignty and could be illegal.

"Claiming emissions is perhaps not illegal - but claiming emissions as if they were from their own territory, while they are in fact generated on another country's territory, is a unilateral declaration in violation of the international legal status of that territory," Voigt said.

She said Russia's claim of the annexed lands' emissions could become even more problematic if Moscow eventually claims emissions reductions on these lands and offers them as offset credits to carbon markets.

"This would indeed be an illegal appropriation of a good belonging to the other state," she said.



Reporting by Valerie Volcovici in Baku; Additional reporting by William James in Baku and Jake Spring in Sao Paulo; Editing by Christopher Cushing

</body></html>

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.