WB: Azerbaijan needs $40B in investment to rapidly reduce carbon emissions by 2060

Azerbaijan will need $40 billion in investment to rapidly reduce carbon emissions by 2060 according to World Bank calculations, Zakir Nuriyev, the chairman of the Azerbaijan Banks Association Public Union, said on the 4th day of the Baku Climate Action Week, Report informs.

"The lion's share of this amount will be financed with the participation of the private sector, including the banking sector. Meanwhile, 60% of the necessary funds can be provided by state and public institutions, and 40% by banks," Nuriyev noted.

"Azerbaijan has renewable energy potential. It is planned to increase the share of renewable energy in the country to 30%. Cooperation with international financial institutions should be strengthened in this regard," the chairman added.