Azerbaijan launches "Green Growth Portal" to increase environmental transparency
Azerbaijan has launched a "Green Growth Portal", which includes more than 300 digital aggregates aimed at increasing transparency, taking into account climate protection, Economy Minister Mikail Jabbarov said on Wednesday at a high-level meeting "Energy Cooperation: Moving towards net zero".
Jabbarov described the initiative as a new operational tool to accurately assess environmental impacts and track green production efforts, calling it a positive step for Azerbaijan’s sustainable development goals.
Addressing the topic of climate financing, Jabbarov emphasized the need for substantial investments, particularly in renewable energy projects, but underscored the importance of realistic business plans as a foundation. "Currently, renewable energy investments are concentrated in developed countries and regions like China, but there is a pressing need to expand the geographic scope to ensure equitable development worldwide. Supporting all stakeholders, including traditional investors like Japan, as they transition to renewable energy investments is crucial. Rather than labeling, we should facilitate these transitions," Jabbarov stated.
He highlighted two key initiatives from Azerbaijan, one focused on climate financing and the establishment of an investment fund aimed at supporting projects in underserved regions (CFAF). "By building on reliable producer relationships, this fund will target regions currently lacking sufficient support, contributing to global sustainable development," said the minister.
Jabbarov also stressed the importance of regional cooperation. "Today's agreement between the presidents of Azerbaijan, Uzbekistan, and Kazakhstan to lay a green power cable across the Caspian Sea is a testament to the strength of regional collaboration. Integrating climate and economic planning, supported by joint efforts from both governments and the private sector, will be critical for the success of these initiatives," Jabbarov noted.
Economics
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Azerbaijan's economy demonstrated robust growth from January to November 2024, with gross domestic product (GDP) rising by 4.7% compared to the same period last year, according to government data. By September, GDP had reached 92.83 billion manats (approximately $54.7 billion USD), reflecting significant progress in diversifying beyond oil and gas, a longstanding focus of economic policy.
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A recent report by the World Bank titled “Breaking Barriers for Women’s Employment in Azerbaijan” sheds light on the significant gender imbalance in the country’s labor market. While both men and women participate actively in the labor force, disparities in employment rates, job quality, and societal attitudes highlight the challenges women continue to face.
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Azerbaijan's consumer price index rose by 4.4% in November 2024 compared to the same month in 2023, driven by higher costs for food, beverages, and services, government data showed on Tuesday.
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Kazakhstan has unveiled plans to develop five major cross-border trade and transport hubs to enhance connectivity and boost economic ties with neighboring countries, Trade and Integration Minister Arman Shakkaliev said on Monday during a government meeting.
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