BAKU, Azerbaijan, November 27. Within the framework of COP29, agreements were signed on important projects that will contribute to the green economy in our country, discussions were held on the role of small and medium-sized enterprises (SMEs) in climate action and climate digitalization, Trend reports.
During the activities hosted by the Ministry of Economy at COP29, significant agreements were executed about projects that advance the green economy.
Representatives from the ministries of economy, digital development and transport, and finance, along with companies such as BYD, SARDA Group, and Electrify Azerbaijan, signed a deal to localize the production of electric buses in Azerbaijan. The project aims to establish electric bus manufacturing and localized spare parts, with plans to reach a 40 percent localization rate by 2030.
The Azerbaijan Investment Company (AIC) and the Turkish firm Dias Bilişim ve Teknoloji Hizmetleri A.Ş. signed a Memorandum of Understanding for a "Deposit Management System" project, which will focus on the collection of plastic and glass containers and the creation of a deposit management system in Azerbaijan.
Additionally, AIC and the British company Carbonbit Technologies signed a Memorandum of Understanding to collaborate on the development and commercialization of carbon technologies in Azerbaijan.
A separate MOU was signed with Masdar, a company based in the United Arab Emirates (UAE), and bp’s subsidiary, "Volts" to support the establishment of an energy battery manufacturing facility in Azerbaijan.
A charter for the newly established company Ecostar LLC, a joint venture of AIC, SOCAR Downstream, and Technip Energies Italy S.P.A (TEN), was also signed during COP29. Ecostar will conduct preliminary engineering for the "Waste Monetization" project using Alterra's pyrolysis technology to produce pyrolysis oil from plastic waste.
The Role of SMEs in Climate Action
As part of efforts to unite SMEs in transitioning to a green economy globally, the Small and Medium Business Development Agency (KOBİA) initiated the "Baku Coalition Declaration of SMEs for the Green Climate Transition." All relevant stakeholders in the SME ecosystem were invited to join this declaration.
A trilateral cooperation declaration between the International Trade Centre, the Brazilian Micro and Small Business Support Service, and KOBİA was also signed. The agreement focuses on promoting collaboration for sustainable and inclusive economic development and aiding SMEs in transitioning to low-carbon resources, as outlined in the UN’s Sustainable Development Agenda for 2030.
Climate Action and Digitalization
The Ministry of Economy, in partnership with the Fourth Industrial Revolution Analysis and Coordination Centre, held discussions on topics such as the impact of artificial intelligence (AI) on management, reducing environmental harm, sustainable development, and the importance of the Fourth Industrial Revolution in addressing climate change. Presentations also covered AI's role in optimizing energy consumption and the application of digital technologies in climate-related fields.
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