Azerbaijan needs $44 billion for green economy development

Investments in critical infrastructure for the diversification of the green economy in Azerbaijan must continue, Stefanie Stalmeister, country manager for the World Bank in Azerbaijan, said in a statement to APA-Economics.

She stated that Azerbaijan should invest a total of USD 44.1 billion across various sectors of the economy by 2060 regarding decarbonization.

“The investment gap in the electricity sector is USD 13.8 billion, in transportation USD 4.4 billion, and in industry and other areas is USD 8.3 billion. Additionally, USD 17.6 billion is required for water efficiency, and USD 1.8 billion for Climate-Smart Agriculture. An investment of USD 19.4 billion should be made for general sustainability.”

Stefanie Stalmeister added that Azerbaijan can achieve its Nationally Determined Contributions (NDC) goals. However, to do so, the country must turn the challenges posed by climate change into opportunities and put more effort into developing the economy.

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