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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