World Bank: Azerbaijan has potential to achieve NDC goals

Achieving the Nationally Determined Contributions (NDC) goals is possible for Azerbaijan, Stefanie Stallmeister, the World Bank's Country Manager for Azerbaijan, stated at the Green Finance conference organized by the American Chamber of Commerce in Azerbaijan (AmCham Azerbaijan), Report informs.

"Reaching the NDC targets will lead Azerbaijan to net zero carbon emissions. However, additional efforts will be required to achieve this goal," Stallmeister noted. "To attain the net zero carbon target by 2060, significant changes in the energy sector are crucial. For instance, generating more than 90% of the produced energy from renewable sources is essential for large-scale electrification in the transportation and heating sectors. The application of technologies such as the use of hydrogen in sectors that are difficult to decarbonize is also of great importance."

The World Bank official emphasized the need to address the opportunities of decarbonization when discussing costs and tasks. "The export potential of clean energy, such as natural gas and hydrogen, will increase. Seizing this small opportunity while the world is decarbonizing and directing the revenues from natural gas exports to domestic investments is of great significance for Azerbaijan," she added.

Stallmeister stressed that this process should be solved with a unified approach by the government, as shown in their report, and not only Azerbaijan but other countries should also use this approach.