COP29 President Talks Incentivizing SME Participation In Green Economy
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, September 9. Government
support in Azerbaijan is opening up new opportunities for untapping
the existing potential for the development of a green economy, and
incentives must be strengthened for the participation of small and
medium-sized enterprises (SMEs) in this, Minister of Ecology and
Natural Resources of Azerbaijan, President of COP29 Mukhtar Babayev
said, Trend
reports.
He made the remark at the "Role of small and medium businesses
in the green economy" conference, held in Baku today.
According to him, the government's green energy initiatives
provide long-term prospects for the private sector and investors
while also accelerating the development of new projects.
“It's necessary to increase the number of environmental projects
in both the public and private sectors. SMEs should be encouraged
to create sustainable infrastructure and use "green" technologies.
This will contribute to both economic growth and environmental
efficiency,” the minister emphasized.
Expanding SMEs' access to concessional financial resources is
crucial to helping them overcome the financial problems they are
facing during this transition, as pointed out by Babayev.
According to UN estimates, trillions of dollars are needed
annually worldwide for the transition to a low-carbon economy, he
explained.
“It's essential to facilitate SME investments in environmental
and sustainable projects through 'green' loans, 'green' bonds, and
financial instruments related to environmental, social, and
corporate governance,” the official added.
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