The Asian Development Bank (ADB) is implementing a regional technical assistance project worth USD 1.5 million aimed at reducing carbon emissions in heavy industry and maritime transport in a number of countries in the region, including Azerbaijan, APA-Economics reports, citing the Bank.
It was noted that the project is designed to create the necessary conditions for a clean energy transition in carbon-intensive sectors such as cement, steel, fertilizer, and petrochemical industries, as well as maritime transport.
The technical assistance includes assessments that can be applied to Azerbaijan, India, Indonesia, the Philippines, Turkmenistan, and Uzbekistan, the development of road maps, strengthening of institutional capacity, and the formation of a portfolio of projects that could be financed in the future.
ADB notes that these sectors account for approximately 30 percent of global carbon emissions, and their decarbonization is crucial for achieving the targets of the Paris Agreement. Through technical support, the Bank aims to assist in preparing pilot projects and accelerating the investment process in the heavy industry and transport sectors.
The project aligns with ADB’s priorities on combating climate change, enhancing institutional capacity, and expanding regional cooperation, and will be implemented through the end of 2027.
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