(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 25. The number of hybrid and electric vehicles in Azerbaijan has increased 20-30-fold through the state support over recent years, IFC Sustainable Finance Expert Leyla Huseynli said at the "Azerbaijan and Central Asia Green Energy Week" event, Trend reports.

According to her, this growth to tax and customs incentives, as well as a well-designed combination of government incentives and private financing.

Speaking about transforming traditional housing stock into a 'green' one, she said that this requires significant effort and investment from the private sector and the population.

Without reforms and incentives from the government, this process is extremely difficult, she explained.

"At IFC, as a global institution, we see different approaches in different regions. These can include both fiscal and non-fiscal incentives - tax breaks, interest rate subsidies, or risk-sharing mechanisms. All of this helps to more actively implement green building certification, which benefits all participants in the chain," Huseynli emphasized.

She noted that there is no universal solution for all countries - each country must develop its own set of tools based on international experience.

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