Accelerating investments in decarbonization is in Azerbaijan’s interest - World Bank

Accelerating investments in decarbonization is in Azerbaijan’s interest - World Bank
# 29 November 2023 09:47 (UTC +04:00)

Urgent action on climate can help Azerbaijan minimize the risks emerging from the global low-carbon transition and protect the living standards of its people, says the World Bank Group’s Azerbaijan Country Climate and Development Report (CCDR), released today, APA-Economics report.

Note that the country’s economy is heavily dependent on oil and gas, which account for a third of GDP and 90% of exports. With existing oil reserves dwindling and expected to last another 25 years, comprehensive and effective decarbonization efforts will help diversify the economy and open up new drivers of growth, such as green hydrogen and agriculture.

According to the report, Azerbaijan is also facing considerable physical risks from climate change. Almost the entire country is prone to both droughts and water scarcity, which are expected to increase in frequency and intensity due to extreme weather events. Meanwhile, its natural wealth is eroding as a result of soil degradation, desertification, and overgrazing, negatively impacting agriculture, while oil and gas extraction have also contributed to land degradation and contamination of water resources.

“Accelerating investments in decarbonization is in Azerbaijan’s interest, regardless of the pace of global decarbonization efforts. Such efforts would also be well aligned with national goals to diversify the economy,” said Rolande Pryce, World Bank Country Director for the South Caucasus. “The CCDR provides a practical pathway for the country to move from setting targets to implementing actions which can protect Azerbaijan’s economy and people from the negative impacts of climate change.”

Although Azerbaijan is a signatory to the Paris Agreement on climate change, it has not yet committed to a domestic net zero target. However, the country has set national targets of reducing greenhouse gas (GHG) emissions by 35% by 2030 and 40% by 2050 from 1990 levels. While stepping up its commitment to decarbonization, Azerbaijan is not yet on track to achieve its national targets, says the report.

1 2 3 4 5 İDMAN XƏBƏR
#
#

THE OPERATION IS BEING PERFORMED