By Trend

The International Finance Corporation (IFC) will work with the government of Azerbaijan to develop sustainable finance, Ivana Fernandes Duarte, IFC’s Regional Manager for the South Caucasus said in an exclusive interview with Trend.

"As the world emerges from the COVID-19 pandemic, IFC is determined to support Azerbaijan on its path to sustainable, inclusive, and private sector-led growth. As tackling climate change is one of our priorities globally, supporting green and resilient recovery is one of IFC’s key priorities in Azerbaijan. This includes supporting its energy transition and investing in renewable energy generation. The country is committed to reduce greenhouse-gas (GHG) emissions by 35 percent by 2030. In this context, offshore wind looks especially promising. Its technical potential is estimated at 157 gigawatts, according to an analysis provided by the World Bank's Energy Sector Management Assistance Program. This represents vast potential when compared to the country's total installed capacity of around 8 gigawatts," she said.

Duarte pointed out that IFC is already working with Azerbaijan’s Ministry of Energy to create a roadmap for the sector, aiming to turn the nation into a renewable energy powerhouse.

The work is part of its joint initiative with the World Bank’s Energy Sector Management Assistance Program, she added.

"We also look forward to working with the Central Bank of the Republic of Azerbaijan as a member of the IFC-supported Sustainable Banking and Finance Network (SBFN), a platform for financial sector regulators and industry associations across emerging markets. As part of the efforts, IFC will work with the government to develop sustainable finance, which can support Azerbaijan’s transformation toward a sustainable and green economy," said the IFC Regional Manager.