Baku: On the opening day of the 2nd Baku Climate Action Week (BCAW), Elnur Soltanov, Deputy Minister of Energy, highlighted the substantial investments still needed for green technologies. ‘Our goal is to achieve Net-Zero by 2050 and adhere to the 1.5°C limit,’ Soltanov remarked, underscoring the critical role of government engagement with the private sector in this transition.

According to Azeri-Press News Agency, Soltanov stressed that the transition to green technologies cannot occur without market forces actively involved. He noted that governments and funding bodies need to support and provide the necessary initial financing to activate market mechanisms. ‘Many green technologies are still expensive, and the market does not naturally select them,’ the deputy minister stated, emphasizing the need for strategic intervention and funding to promote sustainable energy solutions.