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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Heads of national road transport associations from member states of the Organization of Turkic States (OTS - TDT) gathered in Istanbul to launch a landmark initiative: the creation of the International Association of Road Transporters (TDT-URTA). This ambitious plan, unanimously approved by all participants, marks a significant step toward enhancing cooperation in road transportation among Turkic-speaking nations.
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The European company Tree Energy Solutions (TES), with headquarters in Switzerland and Belgium, has signed a Joint Study Agreement (JSA) with SOCAR during COP29. The agreement aims to explore the development of a project for producing electricity from natural gas in the form of e-NG (synthetic methane) and hydrogen in Azerbaijan.
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EU Commissioner for Climate, Wopke Hoekstra, voiced his concerns about the inclusiveness of discussions surrounding key documents at the COP29 summit during a session organized by the presidency on November 21, called the "Kurultai" (the official name of the event).
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Azerbaijan plans to allocate 7.676 billion manat ($4.5 billion) for the financing of the State Social Protection Fund (SSPF) in 2025, marking a 10.5% rise from the 2024 budget, according to Musa Quliyev, Chairman of the Parliamentary Committee on Labor and Social Policy.
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