The roadmap for the development of green buildings in Azerbaijan is expected to be presented before COP29, Leyla Huseynli, a sustainable finance expert at the International Finance Corporation (IFC), said at the Innovative Solutions for Sustainable Microfinance conference, Report informs.
According to Huseynli, a new regulatory framework in the green building sector is planned to be created soon: "This envisages the development of a roadmap for the concept of green building development within the framework of the Memorandum of Understanding signed with the State Committee for Architecture and Urban Planning of Azerbaijan."
Huseynli also noted that she closely cooperates with the Central Bank of Azerbaijan in a number of areas.
"Climate change is not a distant future, we are already feeling it. Events that will occur in the next 50 years will be five times more severe. The damage they cause is expected to increase by 77%," said the IFC official.
She added that in 2023, IFC's total investment portfolio amounted to $43 billion, of which $14 billion has already been directed to sustainable and green finance: "In return, we have attracted $15 billion. These are projects directly related to sustainability and climate."