Azerbaijan reveals key agreements advancing the green economy at COP29

Azerbaijan has signed five key agreements aimed at fostering the "green economy" during events organized by the Ministry of Economy at the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) in Baku.

Agreements include:

Electric Bus Production Project

Representatives from Azerbaijan’s Ministries of Economy, Digital Development and Transport, and Finance, alongside BYD, SARDA Group, and Electrify Azerbaijan, signed an agreement to localize the production of electric buses. The project includes establishing production facilities and spare parts localization in Azerbaijan, with a target of achieving 40% localization by 2030.

Deposit Management System
A Memorandum of Understanding (MoU) was signed between Azerbaijan Investment Company (AIC) and Türkiye's Dias Bili?im ve Teknoloji Hizmetleri A.?. to develop a Deposit Management System for collecting plastic and glass containers in Azerbaijan.

Carbon Technology Development
AIC also partnered with the UK’s Carbonbit Technologies to advance the development and commercialization of carbon technologies in Azerbaijan.

Battery Manufacturing Facility
A MoU was signed with Masdar (UAE) and Volts, a BP subsidiary, to support the establishment of a power battery manufacturing facility in Azerbaijan.

Waste Monetization Project
AIC, SOCAR Downstream, and Technip Energies Italy S.P.A (TEN) established Ecostar LLC to lead the preliminary engineering design of the "Waste Monetization" project using Alterra pyrolysis technology. The project will produce pyrolysis oil from plastic waste.

Additional Initiatives:

• Baku Coalition Declaration for SMEs
  SMEDA launched the “Baku Coalition Declaration for the Green Climate Transition of SMEs,” calling on global SME ecosystem stakeholders to support the green transition.

• Trilateral Cooperation Declaration
  SMEDA also signed a declaration with the International Trade Center and Brazil's Micro and Small Enterprise Support Service to promote sustainable economic development and facilitate SMEs’ low-carbon transition.

• Discussions and Presentations
  The Center for Analysis and Coordination of the Fourth Industrial Revolution organized discussions on artificial intelligence, sustainable development, and the role of digitalization in addressing climate change. Startups showcased innovations in energy optimization and environmental management.