Azerbaijan has a lot of potential for renewable energy, mostly solar energy.

Ivana Fernandes Duarte, IFC Regional Manager for the South Caucasus and Head of Mission, told Azernews during the presentation conference of the World Bank Group held on the Azerbaijan Country Climate and Development Report.

She emphasised that Azerbaijan has taken many important steps in this direction and noted that Azerbaijan is acting according to all standards to achieve its goals.

"This report is looking at where Azerbaijan currently stands and what needs to be done to achieve its ambitious goals to reduce greenhouse gas (GHG) emissions as per its commitment under the Paris alignment.

In addition, IFC regional manager Duarte spoke about the opportunities of the private sector in Azerbaijan and noted that private capital can be a strong supporter for achieving Azerbaijan's goals.

"As IFC, we are focusing on the potential of the private sector, and we see that the utilisation of private capital and know-how will be essential for Azerbaijan to achieve these goals. Also, we see a lot of potential to use private capital and know-how resources in the area of renewable energy, including electromobility, climate-smart agriculture, and the financial sector," she said.

Ivana Fernandes Duarte also emphasised that the IFC always fully supports Azerbaijan.

"As the IFC, we have always supported Azerbaijan on the way the country to develop and diversify its economy," he underlined.