(MENAFN- AzerNews)
Akbar Novruz
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Azerbaijan has emerged as one of the key participants in the
global "green transition," which is considered a top priority by
nations around the world, Azernews reports.
Speaking at an international conference on carbon assessment in
Baku, organized by the State Tax Service, Azerbaijan's Economy
Minister Mikayil Jabbarov highlighted the country's climate goals
and initiatives. Azernews reports his remarks:
"The close alignment of our country's climate change goals with
global challenges has already created a certain experience for us.
The 'green projects' we have implemented with large energy
companies are designed to transform our country into a 'clean
energy' country and encourage investments that support ecological
balance."
Jabbarov pointed to Azerbaijan's commitments under its "Strategy
of Socio-Economic Development for 2022-2026," which include
increasing the share of renewable energy in the power grid and
expanding waste recycling efforts. He also noted that during COP29,
the State Oil Company (SOCAR) voluntarily committed to reducing
methane emissions to zero.
"When talking about our agenda, we should also mention that the
transition to alternative energy sources is one of our priorities.
Azerbaijan is one of the countries with a high potential for
renewable energy sources. We have attracted foreign investments in
this sector, we are building solar and wind power plants," Jabbarov
added.
He emphasized that the country is actively exploring
opportunities in low-carbon technologies, green hydrogen, biofuels,
and reducing methane emissions. "More than 8 GW of onshore and
offshore energy projects will be realized at the expense of foreign
investment," the minister noted, signaling the significant role of
external partnerships in Azerbaijan's renewable energy future.
Minister also emphasised that Azerbaijan's agenda is to
assess the role of fiscal instruments in the process of
decarbonization.
"It will be effective for us to discuss this with
representatives of a number of prestigious international
organizations, as well as the representatives of the member
countries of the Intra-European Organization of Tax Administrations
(IOTA)," he said.
"One of the main initiatives on the agenda of the 29th session
of the Conference of the Parties to the UN Framework Convention on
Climate Change (COP29) is the creation of the Action Fund for
Climate Finance. This Fund can play an important role in
eliminating the existing gaps in climate finance. The fund's
capital is mainly fossil fuel-producing countries, as well as
companies engaged in oil, gas, and coal production. The main goal
of the fund is to invest in climate action in developing countries,
as well as in small island countries, and in countries with fossil
fuel reserves and those operating in this sector, to increase the
contribution of enterprises to the 'green transition,'" added the
minister.
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