BAKU, Azerbaijan, October 2. The third day of the international conference under the umbrella of "Climate Action Week" dedicated to COP29 has concluded in Baku, Trend reports.
The main theme of the third day was “Green Economy - Meeting the Skills, Finance, and Just Transition Challenge”.
The panel session speakers included UN Climate Change High-Level Champion for COP29 Nigar Arpadarai, Minister of Labor and Social Protection Sahil Babayev, World Bank Country Manager for Azerbaijan Steffi Stallmeister, Executive Director of the Azerbaijan Export and Investment Promotion Agency (AZPROMO) Yusif Abdullayev, Vice President of Siemens Energy Maxim Zubov, Chairman of the Board of the International Bank of Azerbaijan Abbas Ibrahimov and other officials.
Arpadarai said that international cooperation will be an important tool in ensuring a global flow of "green" capital.
"Funding plays a crucial role in accelerating the transition. The scale of necessary investments is enormous: we need trillions of dollars to support projects in clean energy, sustainable infrastructure, and green technologies worldwide. And all of this must happen in a way that allows access to financing for all countries, especially those that are most vulnerable to climate change," she added.
Babayev said that Azerbaijan actively supports efforts to minimize carbon dioxide emissions and increase the level of recycling, seeking to make this process as comfortable and painless as possible for all participants of economic activity.
“One of the biggest concerns in Azerbaijan's quick transition to a green economy is its influence on human capital and social policies. This requires innovative economic management methods. New global issues necessitate quick responses. COVID-19, growing unemployment, extremism, international organized crime, separatism, and financial crises continue to hurt millions worldwide.
Disabled persons, women, youth, and informal economy workers are especially vulnerable. The worldwide security system is likewise changing rapidly, creating new dangers and threats. These changes make a green economy necessary if the world wants to mitigate the economic consequences of climate change and global warming,” he also said.
Stallmeister said that the green transition offers Azerbaijan new opportunities to modernize its labor market.
She highlighted that, when looking at the human capital index rankings from 2010 to 2020, Azerbaijan has emerged as a frontrunner.
"These are big wins. Education is ubiquitous in Azerbaijan. Preparing Azerbaijani youth for the green economic transition is a major educational issue. Also crucial is healthcare. Various diseases cause high health loss and mortality in various countries. Like many nations, Azerbaijan can learn from its neighbors and partners to better use human resources. The green transition allows Azerbaijan to upgrade its labor market," she also said.
Rana Humbatova, head of hydrogen and green technologies direction of the Azerbaijan Renewable Energy Agency, said that today's task of Azerbaijan is to expand the product line due to “green” technologies and attract new investments for the development of such areas as the production of “green” ammonia and urea.
According to her, today, as the clock ticks on the challenges of climate change and global warming, it's crucial to not just chew the fat about the consequences but also to pave the way for a fair transition to a new energy landscape.
“Azerbaijan, where the oil and gas industry has traditionally occupied an important place, such a transition is of particular importance and requires a thoughtful approach. On the one hand, it is necessary to continue to develop the oil and gas sector and, on the other hand, to reduce its carbon footprint. In this context, two main directions for modernizing the sector are open to us.
The first is to reduce carbon emissions from oil and gas production and refining. Here it is important to consider resource management, energy efficiency, and the use of renewable energy sources. Strategic agreements and investment contracts have been signed with key players in the oil and gas market to implement these tasks,” she emphasized.
This event will be a significant stepping stone in steering the climate agenda as we gear up for COP29, set to take place in Baku this November.
“Climate Action Week” brings together key participants from different spheres: politics, finance, trade, investment, science, art, culture, civil society, and media.
The first half of the week (from September 30 through October 2) is dedicated to discussing climate solutions with government agencies, academia, and the private sector, while the second half (October 3-4) focuses on science, education, arts, culture, and other sectors.
In addition, there will be a plethora of activities happening all throughout the nation's capital as part of Climate Week.
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