BAKU, Azerbaijan, October 3. Azerbaijan will host a forum dedicated to green finance, President of the Azerbaijan Banks Association (ABA) Zakir Nuriyev said at a roundtable discussion on "Creating the Highway for Private Finance" at ADA University as part of Baku Climate Action Week, Trend reports.
"A forum focused on green finance and sustainable development is scheduled for the end of this month, featuring participation from the ABA, the UN, the Central Bank of Azerbaijan, and several financial institutions," Nuriyev noted.
He also emphasized that Azerbaijan has significant potential to finance the energy transition.
“According to World Bank estimates, Azerbaijan will need $40 billion to significantly reduce carbon emissions by 2060. The bulk of these funds should come from private financing, including the banking sector. 60 percent of the required investment could come from government and public organizations, and the remaining 40 percent - from banking institutions," he added.
To note, “Climate Action Week” will be a significant stepping stone in steering the climate agenda as we gear up for COP29, set to take place in Baku this November.
“Climate Action Week” brings together key participants from different spheres: politics, finance, trade, investment, science, art, culture, civil society, and media.
The first half of the week (from September 30 through October 2) was dedicated to discussing climate solutions with government agencies, academia, and the private sector, while the second half (October 3-4) will focus on science, education, arts, culture, and other sectors.
In addition, there will be a plethora of activities happening all throughout the nation's capital as part of Climate Week.
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