By May 1, the Taxes Ministry remitted the state budget taxes and duties amounting to 2 billion 650.4 million (+5.4 % or 136.6 million compared to the same period last year). The share of this type of income in total GDP increased 0.2%. Aggregate national income made 6.5 bn (+35.35 %).
According to the ministry, the tax revenue to the state budget of Azerbaijan's regions in January-April increased by 18.2% compared to the same period last year. Fees from oil and gas sector companies not accounted for 1 billion 411.9 million (+15.3 % yoy).
Azerbaijan's state budget for this year was approved with revenues of 18 billion 384 million manats and expenditure of AZN 20 billion 63 million with a deficit of 1 billion 679 million manats , or 2.87 % of GDP. - 17D-
Economics
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Azerbaijan's state oil company SOCAR announced plans on November 15 to issue green bonds in the Azerbaijani financial market to support environmentally sustainable projects.
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The State Oil Company of Azerbaijan Republic (SOCAR) on Friday signed a memorandum of understanding (MoU) with Masdar of the United Arab Emirates and ACWA Power of Saudi Arabia to develop a network of offshore wind farms with a total capacity of 3.5 gigawatts in the Azerbaijani sector of the Caspian Sea.
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Russian delegates at the COP 29 climate summit have reaffirmed their commitment to upholding the principles of the UN Framework Convention on Climate Change (UNFCCC) and the Paris Agreement. The Russian Federation stressed the importance of adhering to the principle of "common but differentiated responsibilities," arguing that developed nations must continue to honor their commitments to climate finance, while allowing developing countries to contribute on a voluntary basis.
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The world faces a shortfall of up to $87 billion annually for climate adaptation efforts by 2030, according to Lord Livermore, Financial Secretary to the UK Treasury. Speaking at the panel discussion titled "Mobilizing for Climate Action: Countries, Multilateral Financial Organizations, and the Private Sector Implementing the Paris Agreement," Livermore highlighted the urgent need for increased investment in adaptation measures.
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