Mikayil Jabbarov: Azerbaijan's agenda is to evaluate role of fiscal instruments in decarbonization

Azerbaijan's current focus is on evaluating the role of fiscal instruments in the decarbonization process, Azerbaijani Economy Minister Mikayil Jabbarov said at an international conference on carbon evaluation organized by the State Tax Service in Baku, according to Report.

"Engaging in discussions with representatives from respected international organizations and member countries of the Intra-European Organisation of Tax Administrations (IOTA) will be productive for us," the minister noted.

Jabbarov underlined that one of the key initiatives on the agenda of COP29 is the establishment of the Climate Finance Action Fund. He added that this Fund could play a crucial role in bridging the existing gaps in climate finance. “It is planned that the Fund's capital will be primarily provided by countries producing residual fuels, as well as companies engaged in oil, gas, and coal extraction. The primary objective of the Fund is to invest in climate action in developing countries and small island nations. Additionally, it aims to increase the contributions of countries with residual fuel reserves and enterprises operating in this sector towards the green transition."