Climate Change Could Create $1.4 Trillion Annual Financial Shortfall By 2030, Official Says
Date
7/30/2024 8:10:50 AM
(MENAFN- AzerNews)
Nazrin Abdul
Read more
Estimates suggest that climate change will result in a financial
shortfall of $1 trillion annually from 2020 to 2025, and $1.4
trillion annually from 2025 to 2030.
Huseyn Huseynov, Head of the Secretariat of the National
Coordinating Council for Sustainable Development and Department
Head at the Ministry of Economy, addressed these concerns during
the "Green construction in Azerbaijan" roundtable held in Baku,
Azernews reports.
Huseynov highlighted the challenge of addressing this financial
gap solely through state funding: "It is crucial to engage the
private sector in bridging this financing shortfall. However,
government support remains essential."
He also noted that approximately 20 private construction
companies in Azerbaijan now produce sustainability reports, a
significant increase from just 2 companies previously.
Huseynov stressed the need for greater focus on environmental
issues within the private sector. "Following an educational event
with 50 private construction companies and UN Azerbaijan, the
number of sustainability reports has risen. These reports not only
enhance transparency but also help foreign companies understand and
collaborate with our local businesses," he added.
MENAFN30072024000195011045ID1108498211
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.