Size of investments needed to quickly reduce carbon emissions in Azerbaijan published

17:42 - 3.10.2024


October 3, Fineko/abc.az. The World Bank estimates that Azerbaijan will need investments of $40 billion to rapidly reduce carbon emissions by 2060.

ABC.AZ reports, quoting Zakir Nuriyev, the chairman of the Association of Banks of Azerbaijan, as saying this on the 4th day of the Baku Climate Week.

"The bulk of this amount will be financed with participation of the private sector, including the banking sector. 60% of the necessary finances can be provided by state and public institutions, and 40% by banks," he said.

"Azerbaijan has potential of renewable energy sources. It is planned to increase the share of renewable energy sources in the country to 30%. In this direction, it is necessary to strengthen cooperation with international financial institutions," Nuriyev added.