The private sector in Azerbaijan will cover about 70% of decarbonization investments, indicating that the private sector plays an important role in decarbonization and adaptation efforts not only in Azerbaijan but also globally, Stefanie Stallmeister, the World Bank's Country Manager for Azerbaijan, stated at the Green Finance conference organized by the American Chamber of Commerce in Azerbaijan (AmCham Azerbaijan), Report informs.
“The incremental annual cost of decarbonization is $2.5 billion. This figure is less than the total amount of fossil fuel subsidies in Azerbaijan, which is 5.1% of GDP. I think there needs to be a discussion about how to overcome these problems and involve private sector funding in these efforts,” said Stallmeister.