Public-Private Partnership To Support ESG And Climate Goals - Deputy Economy Minister

(MENAFN- Trend News Agency) BAKU, Azerbaijan, July 3. The public-private partnership will support environmental, social, and governance (ESG) spheres and climate goals, Deputy Economy Minister Sahib Mammadov said at the ESG Summit: Public-Private Partnership (PPP) for Sustainable Development Goals (SDG) in Baku, Trend reports.

According to him, Azerbaijan is committed to sustainable development goals and recognizes the crucial role of public-private partnerships in promoting progress in environmental, social, and governance spheres.

"Azerbaijan's path to sustainable development is based on the concept of inclusiveness and efficiency, and in this sense, public-private partnership is important, as well as adherence to ESG policies," he added.

Mammadov reminded that a law on public-private partnership was adopted in Azerbaijan in December 2022.

"This law marks a turning point, creating a framework for active cooperation between the public and private sectors. As part of this, we have laid down clear provisions and safeguards to stimulate investment and economic growth while simultaneously ensuring transparency, efficiency, and fairness. This is closely aligned with our commitment to uphold the rule of law and protect free competition, ensuring that our partnership is not only economically beneficial but also ethically and socially responsible," Mammadov emphasized.

He announced several initiatives within ESG in Azerbaijan, in particular the seawater desalination project for drinking water production.

"This project is at the tender stage and will reflect a commitment to innovation and sustainable development. Access to clean drinking water is fundamental to human well-being, and through this pioneering project, we aim to ensure a sustainable future for our country," the deputy minister noted.

He also mentioned that new opportunities are also being explored in sectors such as transportation and health care, where the integration of green technologies and practices is important.

"Our aim is clear: to address critical issues facing our community and contribute meaningfully to the well-being of our citizens," Mammadov said.

He also categorized waste management initiatives and infrastructure development as ESG-enabled projects, as they aim to promote sustainable growth and a better quality of life for all.

"The environment is an integral part of the global supply chain, with more than half of the world's total GDP (estimated by the World Economic Forum at around US$44 trillion) dependent on nature, particularly in sectors such as construction, agriculture, and forestry. Understanding the risks posed by biodiversity loss underscores the critical need for sustainable economic practices," Mammadov explained.

He emphasized that Azerbaijan supports initiatives ranging from the transition to a zero-waste economy to the introduction of clean technologies and the promotion of renewable energy, including in territories freed from occupation.

"Especially, I would like to point out that the strategy "Azerbaijan-2030: National Priorities of Socio-Economic Development" envisages the implementation of five National Priorities for the social and economic development of the country in the next decade. In particular, within the framework of the "Clean Environment and Green Growth Country" priority, the creation of a quality ecological environment and green energy space should be effectively implemented during this period," the deputy minister reminded.

According to him, the energy transition issues are aligned with the country's green transformation agenda, which targets increasing the share of renewable energy sources to 24 percent of installed capacity for electricity generation by 2026 and to 30 percent by 2030.

"Through strategic partnerships with private enterprises, we are advancing innovation in clean technologies, reducing carbon footprints, and safeguarding our natural heritage for future generations," Mammadov stated.

He said Azerbaijan is committed to inclusiveness and equality, stimulating initiatives aimed at empowering communities, providing access to healthcare, and promoting quality education.

"By collaborating with private entities, we can amplify the impact of social programs, foster entrepreneurship, and ensure that 'no one is left behind' in our pursuit of sustainable development." Azerbaijan aspires to build a well-being society by pursuing sustainable growth drivers. Over the past decade, the minimum wage increased by 3 times, the average monthly salary by 2 times, and the minimum pension by 2.4 times, while the need criterion for targeted state social assistance to low-income households increased by more than 2.2 times. The inclusive growth direction is highlighted in the documents 'Azerbaijan 2030: National Priorities of Socio-Economic Development' and 'Socio-Economic Development Strategy for 2022-2026', according to which a dynamic, inclusive society based on social justice is defined as one of the five priorities until 2030," Mammadov added.

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