Azerbaijan and World Bank mull prospective cooperation on carbon pricing

Azerbaijan and the World Bank (WB) discussed prospective areas of cooperation on carbon pricing, Report informs, citing the State Tax Service under the Ministry of Economy.

A meeting was held at the State Tax Service with the World Bank's Carbon Pricing - Partnership for Market Readiness support mission. Various approaches to carbon pricing issues were discussed at the meeting.

Deputy Head of the Tax Administration Samira Musayeva provided information on the reforms in the tax system to establish a green economy model and ensure energy efficiency, drawing attention to the concessions and incentive mechanisms included in the tax legislation. She noted that carbon pricing is an important tool that requires a fair approach, in-depth analysis, and comprehensive research, and the active activity of the World Bank in exploring green solutions is commendable.

Yasemin Orucu, Senior Climate Change Specialist at the World Bank and Head of the Task Force on Azerbaijan, provided information on the essence and expectations of the Partnership for Market Readiness framework. Yasemin Orucu noted that the main objective of the mission is to share information on carbon pricing and readiness assessment under Article 6 of the Paris Agreement, to hold consultations with relevant institutions and to collect feedback from stakeholders.

The parties shared their views on the steps taken against the backdrop of the accelerating transformation of energy systems and the initiatives of countries to reduce their carbon footprint. The meeting discussed in detail the promising areas of cooperation.