ADB ready to fund climate adaptation projects in Azerbaijan

Azerbaijan, Baku, Sept. 13 / Trend N.Ismayilova /

The Asian Development Bank (ADB) has prepared a plan of for climate adaptation projects in Azerbaijan and Central Asia, ADB's Senior Climate Change Specialist in its Central West Asia Regional Department, Peter Hayes, said at a one-day workshop on Climate Change held in Baku on Monday.

"The adaptation plan is an integral part of ADB's long-term development program for 2008-2020, which is being developed for each of the 47 member countries," Hayes said. "Therefore, I believe Azerbaijan also could benefit from this program."

He said the plan would include financial assistance from ADB, including for ongoing climate change projects, financing for projects to reduce greenhouse gases, as well as investing $2 billion to develop solar and wind energy.

"The bank negotiates with the governments and identifies areas in which development of alternative energy sources is possible, to define investment opportunities in these sectors. Following the talks, we will develop maps that will be analyzed and the decisions concerning the financing of certain projects will be taken in accordance with them," he said.

Hayes said in addition that ADB has access to a $20 million-fund that can be directed to climate adaptation projects.

"Regarding the timing of implementation, I can say that it depends on the timing and scope of the project, and we want to see a healthy package of projects in this sphere in Azerbaijan," he said.

Based on ADB's data, Azerbaijan could lose 25 percent of its GDP as a result of catastrophic events to the financial equivalent of $2.5 billion.

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