Azerbaijan inks 5 agreements contributing to green economy

A part of the events organized by Azerbaijan’s Economy Ministry during COP29 in Baku, Azerbaijan has taken a significant leap towards a greener future by signing five agreements aimed at contributing to the green economy, Report informs, citing the ministry.

The Ministries of Economy, Digital Development and Transport, and Finance of Azerbaijan, as well as representatives from BYD, SARDA Group, and Electrify Azerbaijan, signed a contract for the localization of electric bus production in the country.

According to the contract, the project aims to establish electric bus manufacturing in Azerbaijan, localize spare parts production, and gradually increase the localization level to 40% by 2030.

Furthermore, the Azerbaijan Investment Company (AIC) and Türkiye's Dias Bilişim ve Teknoloji Hizmetleri A.Ş. signed a Memorandum of Understanding (MoU) on the Deposit Management System project. This collaboration will encompass the collection of plastic and glass containers and the organization of a Deposit Management System in Azerbaijan.

AIC also signed a MoU with the UK's Carbonbit Technologies to jointly work on the development and commercialization of carbon technologies in Azerbaijan.

Another MoU was signed with the UAE's Masdar and BP's subsidiary Volts. The document envisages support for the creation of an energy battery production facility in Azerbaijan.

Within the framework of COP29, the charter of Ecostar LLC, established by AIC, SOCAR Downstream, and Technip Energies Italy S.P.A (TEN), was signed. Ecostar LLC will carry out front-end engineering design for the Waste Monetization project based on the Alterra pyrolysis technology and produce pyrolysis oil using plastic waste materials.

On the initiative of the Small and Medium Business Development Agency (KOBIA), the "Baku Coalition Declaration for the Green Climate Transition of SMEs" was signed to unite global efforts for the transition of SMEs to the green economy, and all interested parties in the SME ecosystem were invited to join this Declaration.

The tripartite cooperation declaration signed between the International Trade Center, Brazil's Micro and Small Enterprise Support Service, and KIBIA envisages the promotion of joint cooperation to achieve sustainable and inclusive economic development as stated in the UN's 2030 Development Agenda and to facilitate the low-carbon transition of SMEs.

Additionally, discussions were organized by the Center for Analysis and Coordination of the Fourth Industrial Revolution (C4IR) under the Ministry of Economy. These discussions focused on the impacts of artificial intelligence on management, reducing negative environmental impacts, sustainable development, the importance of the Fourth Industrial Revolution in the context of climate change, and the role of Earth surface observation data in solving climate problems.

Presentations covered startups in the energy sector, the role of artificial intelligence in optimizing energy consumption, and the application of digitalization in addressing climate issues.