BAKU, Azerbaijan, August 13. The International Finance Corporation (IFC) is ready to support Azerbaijan in low-carbon transition, Ines Rocha, IFC’s Regional Director for Europe said in an exclusive interview with Trend.
She pointed out that climate change is the biggest threat of our time, particularly in emerging economies.
"Unfortunately, extreme weather events are likely to increase. In Azerbaijan, floods already impact 100,000 people every year, and droughts and water scarcity are constant threats. Azerbaijan’s role as host of COP29 signals its strong commitment to the climate agenda. The country’s revised Nationally Determined Contribution commits to a 40 percent reduction in emissions by 2050, compared to 1990 levels," said Rocha.
IFC’s regional director believes that fast-tracking decarbonization will be crucial to remain competitive in the global economy and ensure a sustainable future.
"The World Bank Group’s Country Climate and Development Report for Azerbaijan estimates that $44 billion in investments is needed until 2060 to achieve this, with a significant share coming from commercial and private sector financing.
The country would benefit from diversifying its economy away from fossil fuels, investing in climate resilience measures, and implementing the necessary policy reforms to drive a low-carbon transition. We at IFC are well placed to support the country on this journey," she added.
Follow the author on X: @Lyaman_Zeyn