Azerbaijan stands out in world market with exceptionally low level of external public debt - minister

Azerbaijan is aiming to significantly reduce greenhouse gas emissions by 40% by 2050.

Azerbaijani Minister of Economy Mikail Jabbarov stated this at the summit of the leaders of the Group of 77+China within the framework of the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28) in Dubai, Report informs.

“This includes the creation of a green energy zone in the regions of Karabakh and Eastern Zangezur liberated from 30-year-long Armenian occupation, contributing to the implementation of climate change commitments,” he added.

The minister emphasized that since the adoption of global initiatives, Azerbaijan has demonstrated a strong commitment to their widespread promotion and implementation.

“Over the past two decades, Azerbaijan has undergone significant economic transformation, as evidenced by a threefold increase in GDP. It is noteworthy that the country has achieved a significant reduction in poverty levels - from 49% to an impressive 5%. In addition, Azerbaijan stands out in the world market with an exceptionally low level of external public debt, which is expected to amount to about 10% of GDP in 2023,” added M. Jabbarov.

According to the minister, the path to achieving a sustainable future is clear, but it is fraught with challenges that need to be addressed.

“One of the notable problems on the path to a green economy is the contamination of our lands by mines. Azerbaijan recognizes the critical role of mine action initiatives in promoting sustainable development and promoting green transformation,” he said.