Baku: Developing the Middle Corridor as a 'green corridor' creates an important opportunity for Azerbaijan, Deputy Executive Secretary of the United Nations Economic Commission for Europe (UNECE) Dmitry Mariyasin said at a roundtable held in Baku as part of the Fourth Climate Week of the UN Framework Convention on Climate Change (UNFCCC), hosted by the Republic of Azerbaijan and organized by the Ministry of Foreign Affairs, APA reports.
According to Azeri-Press news agency, Mariyasin emphasized that the technology sector, alongside car manufacturers and mobility companies, will play a crucial role in shaping future transport systems. He stressed that as the Middle Corridor is developed as a green corridor, it is vital to construct key terminals and other infrastructure facilities with climate considerations from the design stage. This approach is intended to improve the competitiveness and efficiency of the Middle Corridor, ultimately enhancing the financial performance of companies operating in the region.
Mariyasin pointed out that climate change is already impacting business activities, with disruptions affecting the operations of electricity, oil, and telecommunications companies. He highlighted the importance of adaptation financing, insurance mechanisms, and the expansion of bond markets in developing countries to aid the private sector's adaptation to climate change. He also encouraged companies to view climate targets as business opportunities, suggesting that these targets represent investment projects that can be structured and de-risked.
Mariyasin further noted that the public sector, governments, and UN agencies can assist in reducing risks for the private sector by providing predictable regulation, equal access to data, and high-quality information for projects. He emphasized energy efficiency as a major opportunity for businesses, stating that improving energy efficiency can positively impact both financial performance and environmental protection.
The UNECE official also highlighted the importance of reducing methane emissions, particularly for oil and gas companies. He mentioned SOCAR, among other leading oil companies, is actively working to reduce methane emissions. Additionally, Mariyasin discussed the significance of strategic environmental assessment, clarifying that it should be seen as a tool to enhance a project's competitiveness rather than an additional filter.
Azerbaijan was acknowledged as a leader in this area, and Mariyasin urged companies to incorporate strategic environmental assessment principles when planning projects, considering relevant issues proactively.