WB: Annual environmental damage in the South Caucasus countries is estimated at $100 million
WB: Annual environmental damage in the South Caucasus countries is estimated at $100 million
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.
Price noted that addressing the region's challenges requires not only financial investments but also skilled human resources. “In many municipalities, securing financial resources for green initiatives is difficult, and there is a shortage of qualified specialists. Grant programs need to be implemented in the South Caucasus to address these gaps,” Price stated.
Touching upon the decarbonization process in the region, Price pointed out the underutilization of renewable energy (RE) sources, particularly for heating buildings and powering transportation. "As the World Bank, we are supporting the diversification of South Caucasus economies and the implementation of decarbonization projects. This aligns with both the economic interests and a sustainable future for the countries in the region," she added.
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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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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