In connection with the reduction in the volume of international freight transport, mainly via the TRACECA transport corridor, performance of public transport companies has deteriorated.
According to the State Statistics Committee, the first five months of this year maritime transport carried 2,156,100 tons, 31% less than in the comparable period of 2015. The reduction is mainly due to the transition of the Kazakh oilmen to a new route for oil transportation through the territory of Russia.
An important role in reducing freight traffic was played by the write-off of 25 ships of the Azerbaijan Caspian Shipping Company, which had served over 35-45 years.
The country's railways transported 5.8 million tons of cargo, 23.5% less than in January-May 2015. ------08B
Economics
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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At the COP29 event titled "Climate Finance Landscape in the South Caucasus and Central Asia" held on November 14, Roland Price, Regional Director of the World Bank for the South Caucasus, highlighted the substantial economic and environmental damage faced by the countries of the South Caucasus, which she estimated at around $100 million annually.
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SOCAR Green, a subsidiary of the State Oil Company of Azerbaijan (SOCAR), has signed a series of agreements at the COP29 summit aimed at bolstering the development of renewable energy sources, enhancing energy efficiency, and promoting sustainable growth in Azerbaijan.
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The Islamic Development Bank (IsDB) is stepping up its efforts to mobilize Islamic banking resources in the fight against climate change, President of the IDB Muhammad Sulaiman Al Jasser said on Thursday during a roundtable at COP29.
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