Like other fossil fuel exporters, Azerbaijan faces risks from global decarbonization efforts, Aliya Azimova, representative of the IFC in Azerbaijan said at the event titled "Raising Ambition, Delivering Action: COP29 Sustainable Business Forum", Report informs.

According to her, this will create structural pressures on competitiveness: "At the same time, Azerbaijan is currently facing serious physical climate risks."

Azimova noted that water scarcity is felt in the country and is expected to worsen due to erratic rainfall: "Decreased water availability and higher temperatures will put significant pressure on agriculture, which has a significant share of employment and contributes to the livelihood of the most vulnerable.

Azerbaijan can not only overcome these challenges, but as a result of climate actions, it can turn new sources of growth and new opportunities into green growth. Investments in low-carbon technologies, development of innovative solutions and building climate resilience in operations open new opportunities for Azerbaijan's private sector."