Ministry: Azerbaijan signs documents to promote green economy PHOTO

27 November 2024 17:47

Five agreements related to the "green" economy have been signed at the events organised by Azerbaijan's Economy Ministry.

The documents were signed during the recent 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) held in Baku, Caliber.Az reports, citing the ministry.

The Ministry of Economy, Ministry of Digital Development, and Ministry of Finance, along with representatives from BYD, SARDA Group, and Electrify Azerbaijan, have signed an agreement on a project to localise the production of electric buses in Azerbaijan.

The project includes the manufacturing of electric buses within the country and the localisation of spare parts, with the goal of increasing the localisation level to 40 per cent by 2030. The Azerbaijan Investment Company (AIC) and the Turkish company "Dias Bilişim ve Teknoloji Hizmetleri A.Ş." have signed a Memorandum of Understanding for the "Deposit Management System" project.

This collaboration will involve the collection of plastic and glass containers and the establishment of a deposit management system in Azerbaijan. A Memorandum of Understanding between the Azerbaijan Investment Company (AIC) and the UK's Carbonbit Technologies outlines their collaboration in the development and commercialisation of carbon technologies, aiming to advance carbon technology initiatives in Azerbaijan. A Memorandum of Understanding signed by AIC with Masdar (UAE) and Volts (a subsidiary of bp) supports the establishment of a battery manufacturing plant in Azerbaijan.

During COP29, the charter of Ecostar LLC was signed, a company established by AIC, SOCAR Downstream, and Technip Energies Italy S.P.A. (TEN). Ecostar will carry out the preliminary design for the "Waste Monetisation" project using the "Alterra" pyrolysis technology and will produce pyrolysis oil from plastic waste. Initiated by the Small and Medium Business Development Agency (SMBDA), the Declaration on Baku Climate Coalition for SMEs green transition was signed to unite efforts for the global transition of SMEs to a green economy.

A trilateral cooperation declaration, signed among the International Trade Centre, the Brazilian Micro and Small Business Support Service, and SMBDA, outlines the development of collaboration aimed at achieving sustainable and inclusive economic growth, as well as supporting the low-carbon transition of SMEs by 2030.

The final plenary session of the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) took place in Baku on November 23.

Mukhtar Babayev, COP29 President and Azerbaijan’s Minister of Ecology and Natural Resources, noted the intense efforts over the past two weeks.

He emphasised that no one wanted to leave Baku without achieving substantial progress on key issues and called for focused work to resolve remaining disagreements. Babayev highlighted that global attention was on COP29.

During COP29, Baku welcomed between 70,000 and 80,000 international visitors, including leaders from governments, businesses, and civil society, all collaborating to develop practical solutions to address the unprecedented global temperatures and extreme weather events impacting people around the world.

The COP29 Presidency of Azerbaijan has announced the agreement of the Baku Finance Goal (BFG), a new commitment to channel $1.3 trillion of climate finance to the developing world each year.

Success on the COP29 Presidency’s top priority for the UN Climate Summit represents a significant uplift from the previous climate finance goal of $100 billion and will unlock a new wave of global investment, a press release on the COP29 website says.

The core of the new goal is the commitment of developed countries to allocate at least $300 billion annually for climate projects in developing nations. This figure is three times higher than the previous target of $100 billion set earlier.