BAKU, Azerbaijan, September 25. Azerbaijan is fully committed to supporting the decarbonization process and transitioning to alternative energy sources by all possible means, including tax policy, Azerbaijani Economy Minister Mikayil Jabbarov said during the international forum on carbon pricing held in Baku, Trend reports.
"The carbon emissions assessment process will consider the interests of small and medium enterprises, supporting their development trends with state measures that reinvest collected funds and carbon taxes back into business growth. In our country, the decarbonization process and the shift to alternative energy sources will be supported by all possible means, including tax policy. This policy is a crucial element of our economic and political processes, and it will play a key role in attracting private investments, combating climate change, and expanding the use of green technologies. The State Tax Service is studying advanced international practices in implementing environmental and green taxes," Jabbarov stated.
He also mentioned that Azerbaijan aims to implement a series of regional, and possibly global, initiatives regarding the transition to a green economy.
"The measures being implemented in Azerbaijan for the shift to a green economy are not limited to our country. Our goal is to bring several regional and potentially global initiatives to fruition. The experience gained in Azerbaijan, including pilot projects, should be assessed for its applicability at the regional level. Our country can make a significant contribution to this process. Naturally, we should not undertake this alone. To achieve maximum effect from any policies and tools, collaboration with international partners is essential," he noted.
According to the minister, transforming the Caspian region into a hub for green energy production and export is a key priority for Azerbaijan.
"Renewable energy based on foreign investments, turning liberated territories from a 'gray zone' into a 'green energy zone,' and making the Caspian region a center for green energy production and export are our key priorities," he added.