BAKU, Azerbaijan, September 30. Azerbaijan is one of the main participants in the 'green' transition, which the world considers a priority, Azerbaijan’s Minister of Economy Mikayil Jabbarov said at the opening of Baku Climate Action Week today, TurkicWorld reports.
According to him, getting Azerbaijan’s climate goals in sync with global challenges has been a real eye-opener.
"Thus, our ‘green’ projects with major energy companies are aimed at transforming our country into a clean energy state and encouraging investments that support environmental sustainability. In this regard, we have taken on certain commitments.
The Social and Economic Development Strategy for 2022-2026 sets the goal of increasing the share of renewable energy sources in electricity production and expanding waste recycling processes," the minister pointed out.
He welcomed the voluntary commitment of the State Oil Company of Azerbaijan (SOCAR) to implement a decarbonization strategy and achieve zero methane emissions by 2050 as part of COP28.
"According to the 2023 International Monetary Fund report, global fossil fuel subsidies have reached $7 trillion, accounting for approximately 7.1 percent of the world's GDP. These significant investments not only underscore the ongoing reliance on fossil fuels but also create a substantial barrier to the transition to sustainable energy solutions.
Consider the revolutionary potential if a fraction of these subsidies were reallocated to renewable energy sources, green technologies, and climate resilience projects. These resources might expedite the transition to sustainable energy, foster innovation, and generate millions of new employment opportunities in the green economy," Jabbarov highlighted.
He added that the potential for positive change is immense, and it is time to harness it for a more sustainable future.
To note, Baku will host Action Week for the first time from September 30 to October 4, 2024.
The event will form the basis of the climate agenda ahead of COP29 in Baku in November.
