State Support Unlocks New Opportunities For Azerbaijan's Green Economy: COP29 President-Designate
(MENAFN- AzerNews)
Akbar Novruz
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State support in Azerbaijan is unlocking new opportunities for
developing the "green economy," according to Mukhtar Babayev, the
designated president of COP29, Azernews
reports.
Speaking at a conference on "The Role of Small and Medium
Business in the Green Economy," organized by the Small and Medium
Business Development Agency (SMBD) with the backing of the
Ministries of Economy, Ecology, and Natural Resources, Babayev
highlighted the significance of state measures in promoting "green
energy."
"The steps taken by the state in the field of 'green energy'
provide a long-term vision for the private sector and investors and
stimulate the development of new projects," Babayev stated.
He emphasized the need to increase environmental projects in
public and private sectors and encourage small and medium-sized
enterprises (SMEs) to build sustainable infrastructure and adopt
"green technologies." This, he noted, would foster both economic
growth and environmental efficiency.
"To overcome the financial challenges faced by SMEs during this
transition, it is essential to expand their access to preferential
financial resources. Through financial instruments related to
Environmental, Social, and Corporate Governance (ESG), SMEs should
be facilitated in investing in ecological and sustainable
projects," Babayev explained.
The minister also discussed the importance of integrating green
and sustainable development concepts and social responsibility as
core management principles for all companies. Banks and financial
organizations should also consider environmental and climate
factors alongside economic criteria when making decisions.
"Budget labeling is an approach used in forming state budgets in
international practice. It allows for aligning state expenditures
with environmental goals and ensuring more efficient and
sustainable use of resources. It has become necessary to consider
environmental indicators when allocating financial resources,"
Babayev added, stressing the importance of supporting ecologically
sustainable projects.
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