BAKU: The International Finance Corporation (IFC) is working on a strategy for creating smart villages given green technologies together with the government of Azerbaijan, Aliya Azimova from IFC said at the ‘Enhancing Ambition, Enabling Action: COP29 Sustainable Business Forum’ event in Baku on May 17, Trend reports.

She reminded that with the World Bank structure, the IFC supported the preparation of a Roadmap for Offshore Wind Energy (OWE) for Azerbaijan, according to which the country has the potential to install offshore wind farms with a total capacity of up to 7.2 GW by 2040 (minimum scenario – 1.5 GW).

According to her, wind and solar power plants will pave the way for Azerbaijan’s decarbonization.

The IFC representative mentioned that the highest greenhouse gas emissions worldwide are observed in four sectors – transport, energy, agriculture, and industry, and the IFC aims to cover these sectors with its research.

Azimova emphasized that an important aspect IFC focuses on is ‘green’ buildings, and
on June 6, a seminar on this topic will be held in Baku.

She also pointed out that IFC is working on projects for ‘green’ building certificates worldwide, which are also relevant for Azerbaijan.

“Overall, we are actively working with various companies and structures in Azerbaijan to adapt to new climate conditions and challenges,” said Azimova.

Adaptation is related not only to greenhouse gas emissions but also to the shrinking of water basins (a problem especially relevant for agriculture and social issues), she added.

To note, this November, Azerbaijan will host COP29. This decision was made at the COP28 plenary meeting held in Dubai on December 11 last year. Baku will become the center of the world and will receive about 70-80,000 foreign guests.

The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous human interference with the climate system. COP – the Conference of the Parties – is the highest legislati
ve body overseeing the implementation of the Framework Convention on Climate Change. There are 198 countries that are parties to the Convention. Unless the parties agree otherwise, the COP is held annually. The first COP event took place in March 1995 in Berlin, and its secretariat is located in Bonn.

Source: Trend News Agency