BAKU, Azerbaijan, Nov.3
By Leman Zeynalova – Trend:
Azerbaijan has great potential to become a leader in the transition to a green economy, as the government understands renewable energy opportunities and the importance of building sustainable infrastructure, Kamola Makhmudova, EBRD head in Azerbaijan, said in an exclusive interview with Trend.
She noted that Azerbaijan’s current approach is balanced, proactive and practical.
“In Azerbaijan, the strategic priorities of the European Bank for Reconstruction and Development have been set out in the Bank’s country strategy for Azerbaijan for the period 2019-24. Broadly, these include promoting economic diversification, developing capital markets and supporting green economic transition and regional connectivity. Our operations span sectors as diverse as infrastructure, transport, manufacturing and services, agribusiness and many others and we rely on a wide range of instruments to meet the financing needs of public and private counterparties,” noted Makhmudova.
She went on to add that the EBRD is among the global leaders in climate finance.
“Almost half of our investments are now in green energy and all of our activities will align with the Paris Agreement from the end of 2022 onwards. We engage with governments and the private sector to help countries advance their transition agendas and fulfil their commitments under the Paris Agreement. In London and Baku, we have significant human and technical resources to support such complex national goals. We rely on strong donor support to complement our activities through the EBRD’s unique business model, which combines investment, concessional finance, policy engagement and technical support,” Makhmudova explained.
---
Follow the author on Twitter: @Lyaman_Zeyn