AIIB to Invest in Renewable Energy in Azerbaijan for the First Time

Azerbaijan is preparing to unveil its Biennial Transparency Report (BTR) this week, highlighting its commitment to climate action. Environment and Natural Resources Minister Mukhtar Babayev, who also serves as the President of COP29, emphasized the importance of clear plans to meet the 1.5-degree target through enhanced Nationally Determined Contributions (NDCs), National Adaptation Plans (NAPs), and the BTR.

Azerbaijan and Germany conducted a high-level business dialogue focused on "Green Transformation" during the COP29 climate summit, organized by the Azerbaijan Export and Investment Promotion Agency (AZPROMO) and the Eastern Business Association of Germany. The event brought together around 40 representatives from both countries, including companies specializing in renewable energy, food production and packaging, ICT and technology services, water management solutions, automotive industry technologies, and other sectors.

Azerbaijan's defense and national security expenditures are set to increase significantly next year, driven by the need to enhance military capabilities and respond to Armenia's escalating militarization efforts, Finance Minister Samir Sharifov said on Monday.

Azerbaijan's state budget expenditure for 2025 has been proposed at AZN 41.368 billion, Finance Minister Samir Sharifov announced during a session of the Parliamentary Committee on Economic Policy, Industry, and Entrepreneurship on Saturday.