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Azerbaijan working to determine application scope of environmental, green taxes - minister

Green Economy Materials 9 September 2024 11:20 (UTC +04:00)
Azerbaijan working to determine application scope of environmental, green taxes - minister
Lada Yevgrashina
Lada Yevgrashina
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BAKU, Azerbaijan, September 9. Azerbaijan is currently engaged in the process of determining the scope of applicability for environmental and green taxes in order to combat climate change and promote the adoption of green technologies, the country's Minister of Economy Mikayil Jabbarov said, Trend reports.

He made the remark at the "Role of small and medium businesses in the green economy" conference, held in Baku with the support of the Ministry of Economy, the Ministry of Ecology and Natural Resources, and the Small and Medium Business Development Agency (KOBIA).

He said sophisticated international practices are being reviewed in this area, and the World Bank is consulting on establishing a carbon price or comparable charge to reduce carbon dioxide emissions.

Among the steps bolstering the green economy, the minister cited the creation of industrial parks, mentioning the Balakhani Industrial Park in particular for its expertise in garbage processing.

“The park contributes to the expansion of competitive industrial production based on advanced technologies in the country, the development of the non-oil sector, increased employment in the production sector, and the improvement of the environmental situation in Baku and nearby settlements.

By taking advantage of these opportunities, our entrepreneurs will be able to establish innovative production that meets cutting-edge demands,” the minister stated.

He went on to say that the Entrepreneurship Development Fund provides preferential loans to green projects started by entrepreneurs.

He explained that green projects receiving preferential loans from the fund include areas such as waste recycling, transitioning to alternative energy sources, and establishing charging stations for electric vehicles.

“Green projects are also supported by KOBIA through tools such as grants and Startup certificates,” Jabbarov added.

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