The Asian Development Bank (ADB) has approved $1.25 million in technical support for "Azerbaijan Railways" CJSC to develop a decarbonization project, APA-Economics reports citing the bank.
ADB will allocate $250,000 of the funding through the Technical Assistance Special Fund and $1 million through the “Smart Energy” Innovation Fund.
It was noted that by 2025, Azerbaijan aims to establish itself as an international logistics hub by 2025, enhancing connectivity via the East-West and North-West Corridors and diversifying trade routes through the Middle Corridor to boost economic resilience and regional integration.
“With the growing volume of freight transport, the state-owned Azerbaijan Railway Company (ADY) is aligning with international best practices, focusing on decarbonization to support the country's climate targets. ADY is advancing its decarbonization agenda by shifting from diesel to electric traction and increasing the use of renewable electricity, enhancing operational efficiency and reducing costs. This transition will also generate co-benefits like improved air quality, reduced public health costs, and job creation in clean energy,” the statement said.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on Facebook
Follow us on Twitter
