BAKU, Azerbaijan, June 28. There are great opportunities for activity in waste recycling in Azerbaijan, representative of the International Finance Corporation (IFC) in Azerbaijan Aliya Azimova said during the international forum "Green World Solidarity: Waste to Value for a Sustainable Future", Trend reports.
According to Azimova, financial incentives for companies to recycle waste and follow the model of a closed economic cycle are possible through the development of carbon credits and certificate markets.
She mentioned that a special Extended Producer Responsibly (EPR) program should operate concerning producers, and every company producing one or another product should be interested in a closed production cycle.
"There is a special platform within the IFC that explains the nuances of cycling, and representatives of the private sector and government can find the necessary recommendations on this platform," Azimova noted.
She stated that there are great opportunities to recycle waste glass, plastic, and metal to produce compost for the agricultural sector or other types of products.
"Also, waste recycling provides an opportunity to generate electricity, which reduces greenhouse gas emissions and develops a "green" economy.
Relevant large-scale projects have been implemented in Brazil and India. Azerbaijan also has great opportunities for activity in waste recycling and effective waste management," the representative of the IFC emphasized.
She also added that every year there is an average of 2 billion tons of waste in the world, and forecasts indicate that by 2050 this figure may increase by 70 percent if urgent steps are not taken to recycle waste and actively implement a closed-cycle economy.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel