Finance minister: ADB boosts Azerbaijan's green energy future with key renewable projects

Azerbaijani Finance Minister Sahil Babayev has said that the Asian Development Bank (ADB) played a pivotal role in advancing Azerbaijan's renewable energy sector by financing several key "green" energy projects. 

Babayev, who is also a member of the Board of Governors of the Asian Development Bank (ADB), made these remarks during the ADB's 58th annual session in Milan, Italy, Caliber.Az reports via local media.

He said that the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) was hailed as a significant milestone in the global climate agenda, fostering international cooperation and accelerating the fight against climate change. COP29 played a crucial role in advancing the global climate agenda.

“At COP29, key decisions were made to enhance resilience, develop adaptive infrastructure, and support the energy transition,” Babayev said.

He further stressed that Azerbaijan’s presidency at COP29 reflects the country’s strong commitment to supporting global efforts to mitigate climate change impacts and mobilise the necessary financial resources for these initiatives. 

Babayev also highlighted the Asian Development Bank’s substantial contribution to climate action.

Last year, ADB allocated a total of $24.3 billion through various financial instruments, including loans, grants, and technical assistance. Of this amount, $3.8 billion was earmarked for financing "green" energy projects, while $5.9 billion was directed toward bolstering the financial sector. 

“These investments reflect the bank’s strategic focus on sustainable infrastructure development and the reduction of carbon emissions in the region,” the minister added, underscoring the importance of long-term climate resilience.

ADB is a leading multilateral development bank supporting inclusive, resilient, and sustainable growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard the planet. Founded in 1966, ADB is owned by 69 members—50 from the region.

By Naila Huseynova