Azerbaijan fosters companies targeting green solutions: Deputy Energy Minister

The Azerbaijani state is determined to assist businesses in implementing green solutions through financial and other mechanisms, Deputy Energy Minister Elnur Soltanov said, Azernews reports.

He made the remark during the event “Enhancing Ambition, Enabling Action: COP29 Sustainable Business Forum” in Baku.

The deputy minister noted that to solve the world's most acute climate problems (excluding China), the required funding is currently $100 billion in total, i.e. $2.4 billion every year.

According to him, the increasing involvement of businesses in the climate agenda through government support for their adaptation and green transition will yield long-term results.

“When private companies implement green solutions and the cost of new green solutions is equal to or lower than the cost of using traditional fuels, then there may be no need for COP conferences,” Soltanov said.