BAKU, Azerbaijan, November 29. Azerbaijan needs about $44 billion until 2060 for its green energy transformation, which represents about 3.2 percent of the country's GDP, Ivana Fernandes Duarte, International Finance Corporation's Regional Manager for the South Caucasus said, Trend reports.
The remark was made during the World Bank Group's Azerbaijan Country Climate and Development Report presentation event held in Baku.
"Azerbaijan must focus on reducing emissions while building climate resilience in order to decarbonize the economy and increase sector resilience. Citing the analysis, Azerbaijan will need $44 billion for this transformation by 2060, which equates to around 3.2 percent of the country's GDP," she stated.
According to the IFC representative, Azerbaijan has already established aggressive targets for reducing greenhouse gas emissions by 35% by 2030 and 40 percent by 2050.
"In addition, the country intends to significantly increase the share of renewable electricity generation to 30 percent by 2030. The analysis concludes that these aims are attainable, and that Azerbaijan is making significant progress but requires just a few more conditional efforts to be entirely successful," she emphasized.
As to Duarte, Azerbaijan needs to focus on enhancing irrigation efficiency and modernizing existing water systems in order to improve water productivity and secure future demand.
"Supporting farmers and smaller businesses will be essential to help raise productivity of Azerbaijan's green transition," she went on to say.
The IFC delegate concluded by stressing the World Bank's eagerness to assist Azerbaijan on its transformational journey.