BAKU, Azerbaijan, November 30. Azerbaijan has all the resources to develop renewable energy sources (RES), which can serve as a catalyst for decarbonization of the energy sector as well as energy-intensive areas such as heating and transport, said World Bank Regional Director for the South Caucasus Rolande Pryce, TurkicWorld reports.
She made the remark at the presentation of the Climate and Development Report on Azerbaijan, published by the World Bank Group.
Pryce specified that the report emphasizes the advisability of protecting Azerbaijan's agriculture from reduced water resource accessibility.
"Investing in developing water accessibility is a sensible initiative. Considering potential climate change and water use efficiency, investment in this sector becomes even more important. The report emphasizes the existence of climate-smart agricultural practices that not only increase productivity but also climate resilience and reduce emissions," she said.
The WB representative emphasized the crucial role of financing outlined in the report, which emphasizes leveraging private sector investment through well-structured regulatory frameworks and increased use of public-private partnership mechanisms.
"The potential to catalyze private sector finance underscores the opportunities that climate action presents for economic diversification, in line with the key priorities highlighted in the CCDR," Pryce said.
She concluded by emphasizing the World Bank's commitment to partner with Azerbaijan in helping to ensure its future prosperity.
The World Bank's CCDR on Azerbaijan was published today. The report highlights decarbonization and resilience measures that are in line with the government's goals to diversify the economy, focusing on the energy system and end-use sectors such as transport, construction, and industry, as well as water resources and agriculture.
