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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On December 10, President Ilham Aliyev of Azerbaijan has signed a decree amending the 2014 presidential order on the management of the Shah Deniz Phase 2 gas-condensate field and Southern Gas Corridor (SGC) projects, granting the State Oil Company of Azerbaijan (SOCAR) expanded control to ensure financial consolidation.
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In the period from January to November 2024, Azerbaijan's exports not related to oil and gas increased by 1.9% compared to the same period in 2023, reaching a total value of $3.1 billion. This growth, noted in the latest "Export Survey" published by the Center for Analysis and Communication of Economic Reforms, reflects the country's diverse and expanding export portfolio.
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In a significant step towards fostering cashless transactions, Azerbaijan has extended its innovative "Return VAT" program to include real estate purchases. Between January and November 2024, citizens recovered 160.3 million manat through the program, marking a notable milestone in the government’s efforts to promote digital payments and enhance consumer benefits.
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Entrepreneurs operating in markets across Azerbaijan will be required to register for taxation. Failure to do so will result in a financial penalty of 2,000 manat for each unregistered entrepreneur, imposed on market owners or administrators. This requirement is included in proposed amendments to the Tax Code, set to be discussed in Parliament.
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