BAKU — During the opening of the Baku Climate Action Week, Azerbaijan’s Minister of Economy, Mikayil Jabbarov, positioned the nation as a central figure in the worldwide shift towards sustainable and green energy solutions.

According to Trend News Agency, Jabbarov emphasized the alignment of Azerbaijan’s environmental objectives with broader global challenges, marking a significant stride towards integrating the nation into the green transition. “Thus, our ‘green’ projects with major energy companies are aimed at transforming our country into a clean energy state and encouraging investments that support environmental sustainability,” he said. The country’s Social and Economic Development Strategy for 2022-2026 notably targets increasing the share of renewable energy in electricity production and enhancing waste recycling processes as part of these ambitious goals.

Jabbarov also highlighted the voluntary commitment by the State Oil Company of Azerbaijan (SOCAR) to implement a comprehensive decarbonization strategy and achieve zero methane emissions by 2050, a pledge made as part of COP28. He drew attention to the global financial landscape of energy, citing a 2023 International Monetary Fund report that estimated global fossil fuel subsidies at around $7 trillion, or approximately 7.1 percent of global GDP. These investments, while significant, pose considerable barriers to the transition toward sustainable energy solutions.

“The revolutionary potential if a fraction of these subsidies were reallocated to renewable energy sources, green technologies, and climate resilience projects is immense,” Jabbarov argued. Such reallocation could expedite the global transition to sustainable energy, spur innovation, and create millions of new jobs in the green economy.

As Baku prepares to host its first-ever Climate Action Week from September 30 to October 4, 2024, the event is set to lay the groundwork for the climate agenda of the upcoming COP29, also to be held in Baku this November.