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
-
On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
-
Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
-
Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
-
While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
Leave a review