(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 17. The Azerbaijanigovernment is ready to work with all stakeholders to help companiesfinance the energy transition, Deputy Economy Minister SahibMammadov said at the "Raising Ambition, Enabling Action: COP29Sustainable Business Forum" event on May 17, Trend reports.
“The main theme of COP29 is climate finance. We are working inthe direction of how to facilitate business. Necessary laws havebeen adopted, various events are held, and progressive steps havebeen taken in the tax and customs spheres,” Mammadov noted.
According to him, international financial organizations areimportant partners in business interactions.
“Facilitating the involvement of private investment in theprocess of following the climate agenda is one of our mainpriorities. The objectives set by the National Priorities of theGovernment of Azerbaijan and the Economic Development Strategy arein line with the global“green” agenda,” the deputy ministersaid.
He mentioned that compliance with the requirements of climatechange mitigation gives an additional incentive to the country'seconomic activity.
The Deputy Minister said that to effectively utilize thepotential of Azerbaijan's renewable energy sources, the legislationof the country is regularly adapted to dynamic economic trends.
“Attraction of new technologies and innovations to the country'seconomy, creation of favorable conditions for investments, andother important issues are effectively regulated. In addition, theadoption of the laws 'On Public-Private Partnership' and 'On theUse of Renewable Energy Sources in Electricity Generation' is ofgreat importance for attracting investments in relevant areas,”Mammadov said.
He emphasized that taking into account the role of tax policy instimulating the green economy, the issue of supporting investmentsin renewable energy sources, as well as policies aimed at reducingthe carbon footprint in the production sector and exported productsthrough tax instruments, is being addressed.
“The business environment is shaped by modern infrastructure,and our local companies are also developing and contributing to thegrowth of the green economy,” the deputy minister noted.
He reminded that the Garadagh solar power plant, the largestsolar power plant in the region, was put into operation in thecountry last October with the investment of the Arab company Masdarand that the construction of wind farms is planned.
“Active work is underway to organize the export of 'green'energy from Central Asian countries to Azerbaijan through theCaspian Sea bed and further to Europe.
This corridor will allow us to export“green” energy to Europeand further strengthen our commitment to a sustainable future,” thedeputy minister added.
He urged businesses to be active in addressing the challenges ofthe new climate.
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