BAKU, Azerbaijan, May 17. The Azerbaijani government is ready to work with all stakeholders to help companies finance the energy transition, Deputy Economy Minister Sahib Mammadov said at the “Enhancing Ambition, Enabling Action: COP29 Sustainable Business Forum” event on May 17, Trend reports.
“The main theme of COP29 is climate finance. We are working in the direction of how to facilitate business. Necessary laws have been adopted, various events are held, and progressive steps have been taken in the tax and customs spheres,” Mammadov noted.
According to him, international financial organizations are important partners in business interactions.
“Facilitating the involvement of private investment in the process of following the climate agenda is one of our main priorities. The objectives set by the National Priorities of the Government of Azerbaijan and the Economic Development Strategy are in line with the global “green” agenda,” the deputy minister said.
He mentioned that compliance with the requirements of climate change mitigation gives an additional incentive to the country's economic activity.
The Deputy Minister said that to effectively utilize the potential of Azerbaijan's renewable energy sources, the legislation of the country is regularly adapted to dynamic economic trends.
“Attraction of new technologies and innovations to the country's economy, creation of favorable conditions for investments, and other important issues are effectively regulated. In addition, the adoption of the laws 'On Public-Private Partnership' and 'On the Use of Renewable Energy Sources in Electricity Generation' is of great importance for attracting investments in relevant areas,” Mammadov said.
He emphasized that taking into account the role of tax policy in stimulating the green economy, the issue of supporting investments in renewable energy sources, as well as policies aimed at reducing the carbon footprint in the production sector and exported products through tax instruments, is being addressed.
“The business environment is shaped by modern infrastructure, and our local companies are also developing and contributing to the growth of the green economy,” the deputy minister noted.
He reminded that the Garadagh solar power plant, the largest solar power plant in the region, was put into operation in the country last October with the investment of the Arab company Masdar and that the construction of wind farms is planned.
“Active work is underway to organize the export of ‘green’ energy from Central Asian countries to Azerbaijan through the Caspian Sea bed and further to Europe.
This corridor will allow us to export “green” energy to Europe and further strengthen our commitment to a sustainable future,” the deputy minister added.
He urged businesses to be active in addressing the challenges of the new climate.
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