BAKU, Azerbaijan, June 6. The European Investment Bank (EIB) will finance green climate initiatives in Azerbaijan if they comply with EU standards, Head of Regional Representation for the South Caucasus at the EIB, Maciej Czura, said during the "Empowering and accelerating green transition: strategies for COP29 and for Green World" panel at the 29th Baku Energy Forum, Trend reports.
According to him, potential projects include those in energy transition and energy efficiency.
He mentioned that the EIB is currently financing the development of floating wind farms in France and Portugal, the largest energy storage facility (a loan of 1 billion euros), and green hydrogen projects.
"In the past decade, we have allocated 1.4 billion euros for projects aimed at developing carbon dioxide capture technologies," Czura stated.
He highlighted that the EIB has effectively become a climate bank, ceasing loans for fossil fuel projects.
According to Czura, since 2007, the bank has allocated around 80 billion euros for green projects.
“We were the first in the world to issue green Eurobonds in 2007 and remain leaders in climate finance,” the EIB representative added.
To note, over 600 delegates are participating in the forum, which began on June 5, representing a diverse range of countries including Australia, Austria, Belarus, Belgium, Bulgaria, China, the Czech Republic, Finland, France, Georgia, Hungary, India, Israel, Italy, Japan, Kazakhstan, Latvia, Monaco, the Netherlands, Norway, UAE, Qatar, Romania, Russia, Saudi Arabia, Slovenia, Sweden, Switzerland, Ukraine, the UK, the US, and Uzbekistan. This year's forum boasts a record number of speakers, totaling 81.
The Forum's agenda will address energy issues of significance for Azerbaijan and the broader Caspian region, focusing primarily on considerations and financing related to energy security, energy transition, and green energy projects.
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