Azerbaijan to join ADB regional platform for nature-based materials market

Azerbaijan is set to become part of a new regional initiative by the Asian Development Bank (ADB) aimed at developing markets for materials based on nature-based solutions.

According to the ADB, the bank has approved a regional technical assistance project titled Nature-Based Solutions Materials Market Development Platform, which will cover 43 countries, including Azerbaijan.

The project, with a budget of $1.5 million, will be financed through the ADB’s Special Technical Assistance Fund.

The initiative is designed to accelerate private sector investment in carbon-positive nature-based solutions across developing member countries. These materials, derived from fast-growing crops and renewable biological resources such as bamboo, are seen as having significant potential to support climate action, economic development and private sector growth.

The technical assistance will focus on building functional markets by assessing ecosystems, testing pilot solutions and establishing a scalable partnership platform. This platform is intended to mobilise venture capital and speed up the development of the nature-based materials sector.

As part of the project, a regional market development platform will be created in partnership with industry players, with the aim of encouraging greater private investment in carbon-positive, nature-focused solutions.

Azerbaijan has been a member of the ADB since 1999. During that period, the bank has invested around $5.6 billion in the country, including $4.4 billion in the public sector and $1.2 billion in the private sector. The largest shares of financing have gone to transport, at $1.5 billion, and energy, at $1.7 billion.

Under its new country partnership strategy, the ADB has indicated it is prepared to invest up to $2.5 billion more in Azerbaijan.

Founded in 1966, the Asian Development Bank is headquartered in Manila and has 69 shareholder countries, 50 of which are from the Asia-Pacific region.

By Aghakazim Guliyev