Minister: Development of green economy is necessary

Climate changes in the world, diminishing natural resources, and increasing demand necessitate the development of a green economy, the Economy Minister of Azerbaijan, Mikayil Jabbarov, said at the Baku Climate Action Week, Report informs.

"This, in turn, has become an important factor for the sustainable development of each country. According to World Bank calculations, as a result of the climate change impacts, global GDP will decrease by 1.5-5% annually by 2050. Climate change also negatively affects biodiversity by disrupting ecological balance. These factors once again emphasize the importance of taking urgent measures to mitigate the wide-ranging effects of climate change," he noted.