Memorandum of Understanding between the Government of the Republic of Azerbaijan and the Government of Denmark Kingdom on implementation of Kyoto Protocol of the United Nations Framework Convention on Climate Change.

By the Presidential Decree № 592 dated 19 January 2005, Memorandum of Understanding between the Government of the Republic of Azerbaijan and the Government of Denmark Kingdom on implementation of Kyoto Protocol of the United Nations Framework Convention on Climate Change was approved. The Parties agree upon implementing CDM projects to reduce GHG emissions in Azerbaijan and implementing procedures for transmission of quantified part of certified emission reductions resulting from this CDM projects to Denmark, in accordance with Article 12 of Kyoto Protocol. Projects shall be approved, verified or certified by independent organizations accredited by the Executive Committee of UNFCCC. Both Parties shall facilitate the work of the organization. This MoU shall be valid for five years and is automatically renewable with termination rights requiring six months written notice. The Parties may terminate the activities before the end date of this MoU due to important changes in national policy of Azerbaijan and Denmark.