Green Economy-Embraced SME Conference Running In Azerbaijan (PHOTO)

(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 9. A conference in Baku, Azerbaijan, is reviewing SMEs' (small and medium-sized enterprises) transition to a green Economy and their role in fighting climate change, Trend reports.

As known, over 90 percent of enterprises worldwide are SMEs, and this figure makes circa 99.6 percent in Azerbaijan. They contribute 50 percent of global GDP and 70 percent of employment. Although SMEs have a limited environmental impact, they account for 50 percent of greenhouse gas emissions and 30-60 percent of business energy use globally. Millions of SMEs switching to a green economy can help battle climate change.

The conference "The Role of SMEs in the Green Economy" has been planned to once more highlight how SMEs support the battle against climate change and the shift to a "green economy," as well as to go over cooperatively coordinated initiatives in this field.

The event, organized by the Small and Medium Business Development Agency (KOBİA) with the support of the Ministry of Economy and the Ministry of Environment and Natural Resources, was attended by heads of relevant government agencies, representatives of international organizations and public associations of entrepreneurs, businessmen working in various fields.

Speaking at the event, Minister of Economy Mikayil Jabbarov and Minister of Ecology and Natural Resources, who appointed COP29 President Mukhtar Babayev, discussed the role of the "green economy" in sustainable development. They discussed the activities carried out within the framework of the National Priorities "Clean Environment" and "Green Growth Country" defined by President Ilham Aliyev, the introduction of environmentally friendly technologies, and the upcoming tasks to increase "green" production, recycle, and promote the rehabilitation of polluted areas.

They emphasized the growing importance and role of SMEs in Azerbaijan's socio-economic development. SMEs make a significant contribution to GDP growth, employment, and economic reintegration of the liberated territories. SMEs should assert themselves in the new era's development of a "green economy." In this direction, SMEs are expected to apply energy-saving technologies, achieve energy efficiency through the use of renewable energy sources, utilize waste, reduce the amount of waste, and use environmentally friendly materials, actively involve the private sector in social projects, produce environmentally friendly products and services, etc. The conference was also addressed by UN High-Level Leader on Climate Nigar Arpadarai, KOBİA Chairman of the Board Orkhan Mammadov, Executive Director of the Export and Investment Promotion Agency (AZPROMO) Yusif Abdullayev and Chairman of the Board of the World Climate Foundation Jens Nielsen.

The green transformation of SMEs is possible not only at the national level but also at the global level, as a result of joint actions of relevant stakeholders. Therefore, KOBIA launched a global initiative to support the promotion of SMEs' green transition, which was reflected in the Declaration of the Baku Coalition on SMEs' Transition to a Green Climate. The declaration was presented to the President of COP29 as part of the event.

The Memorandum of Understanding on cooperation in the field of SME green transition between KOBİA and ACWA Power Azerbaijan Renewable Energy LLC was signed at the event. The document signed by Orkhan Mammadov, Chairman of the Board of KOBİA, and Director of “ACWA Power Azerbaijan Renewable Energy” Salim Güven stipulates cooperation to support the transition of small and medium-sized businesses to a“green economy”.

Furthermore, at the conference, KOBIA was awarded a certificate for active participation in promoting a corporate culture of sustainable development within the framework of the UN Global Compact. The event continued with panel sessions on“The Necessity of SMEs' Transition to a Green Economy” and“Climate Finance and SMEs.”

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