COP29 will be a critical enabler of actions against climate change, Chairman of the Central Bank of Azerbaijan (CBA) Taleh Kazimov said in an interview with Toronto Centre, Report informs.

According to Kazimov, Azerbaijan’s role as COP29 Presidency provides an important opportunity to engage our international partners to advance climate action for the benefit of the planet.

Underlining the key factors that define the strategy of Azerbaijan focusing on sustainability issues, the CBA chairman emphasized that his country recognizes the impact of climate change, as global warming is seen as a major problem around the world: “Climate change, including rising temperatures and more extreme weather events, along with air pollution, poses sustainability challenges in the country.”

Recognizing the urgency of addressing climate change, Kazimov said, Azerbaijan has integrated climate change into its socio-economic development strategy: “One of the five pillars in the ‘Azerbaijan 2030: National Priorities for Socio-Economic Development’ is to achieve a clean environment and country of green growth. Furthermore, 2024 has been declared the Green World Solidarity Year in Azerbaijan by our President – a decision that emphasizes international solidarity in the fight against climate change.”

According to him, Azerbaijan is committed to international frameworks such as the Paris Agreement: “Azerbaijan has set a target to maintain a 35% reduction in greenhouse gas emissions by 2030 compared to 1990 (the base year). In addition, Azerbaijan adopted a new voluntary commitment to reduce emissions
by 40% by 2050.”

To achieve these goals, Azerbaijan has set the main target to increase the share of the installed capacity of renewable energy in the country's overall energy balance to 30%, Kazimov noted. “Currently, Azerbaijan is in the process of updating Nationally Determined Contributions (NDCs), and we expect new targets as a next frontier in the climate change action front. To support these initiatives and contribute to the realization of these goals, the Central Bank of the Republic of Azerbaijan (CBAR) has defined its strategic framework for greening the financial system of Azerbaijan.”