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Azerbaijan's tax policy should incentivize businesses to adopt green initiatives, minister says

15 February 2024 11:34 (UTC+04:00)
Azerbaijan's tax policy should incentivize businesses to adopt green initiatives, minister says
Abbas Ganbay
Abbas Ganbay
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It is important that Azerbaijan's tax policy stimulates business enterprises to adopt "green" initiatives.

According to Azernews, this was told by the Acting Minister of Ecology and Natural Resources, Mukhtar Babayev, at the forum "Tax System in the New Era of Development: Strategic Goals for Sustainable Economy" held in Baku.

"The environmental factor in tax reform has now become a powerful economic tool to promote sustainable transition worldwide. Our tax policy encourages businesses to embrace green initiatives, invest in sustainable energy projects, and investors who use clean technologies to create green development.

"We can support the transition to a greener and more sustainable economy by providing tax credits and incentives to businesses that adopt green practices," he said.

Mukhtar Babayev also said that products produced using waste as raw materials in Balakhani Industrial Park are exported to a number of countries.

"The concept of recycling occupies an important place in the modern economy. We must achieve the protection and sustainable use of natural resources by strengthening recycling practices through resource efficiency and zero-waste economy policies. For those who want to build a recycling facility and engage in environmentally friendly production using innovative technologies, Balakhani Industrial Park has created favourable conditions.

The COP29 president said that currently 25 residents are registered in the industrial park, and the products produced here using waste as raw materials are exported to a number of countries. The allocation of financial resources to combat climate change is the main theme of COP29.

"This year is particularly significant for our country. President Ilham Aliyev's decree declares 2024 the 'Year of Solidarity for a Green World'. Azerbaijan will also host such a prestigious event as the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29). This year, the attention of the international community will be focused on our country, especially on environmental protection and climate change mitigation. Climate finance is the main theme of COP29.

Cutting emissions requires more funding. Global investments in clean energy and green technologies must be increased. New solutions and innovations must be implemented to help reduce the negative impacts of climate change. Achieving the goals requires an inclusive approach. and the active participation of all stakeholders. Government, the private sector, and civil society must work together," M. Babayev added.

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