BAKU: The World Bank plans to discuss with the Azerbaijani government the possibilities of monetizing carbon dioxide emission quotas, World Bank energy specialist Florian Kitt said, Trend reports.

He made the statement at the second annual reporting meeting on the Azerbaijan Rapid Technical Assistance Facility (AZTAF) program funded by the European Union (EU) and managed by the World Bank (WB).

‘As I mentioned at the beginning, carbon and climate finance will be key to making the energy transition more affordable. We recently held our first workshop, where we looked at the entire carbon and climate finance landscape globally. This landscape, admittedly, can sometimes be quite confusing if you are not working in depth in this area,’ he emphasized.

Kitt noted that there are several instruments, such as carbon taxes and carbon markets.

‘We strive to find the best solution for Azerbaijan together with the government. Our goal is not just to copy someone else’s experience but to develop an approach that will b
e effective for the country and its economy. As part of the preparation of a power transmission project called Azure, which involves connecting one gigawatt of wind and solar power plants, we plan to discuss with the government the possibilities of monetizing carbon dioxide emission quotas. At the same time, we will take into account the existing legislation of Azerbaijan to ensure the successful implementation of the project,’ he added.

Source: Trend News Agency