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Minister: Azerbaijan has undergone significant economic transformation

2 December 2023 17:44 (UTC+04:00)
Minister: Azerbaijan has undergone significant economic transformation

Azerbaijani Economy Minister Mikail Jabbarov said at the G77 + China Leaders' Summit at the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28) in Dubai that Azerbaijan aims to significantly reduce greenhouse gas emissions by 40 per cent by 2050, Azernews reports.

"This includes the establishment of a green energy zone in the areas of Garabagh and East Zangazur liberated from the 30-year Armenian occupation, contributing to the fulfilment of climate change commitments," the minister added.

The Minister emphasised that since the adoption of the global initiatives, Azerbaijan has demonstrated strong commitment to their widespread promotion and implementation.

"Azerbaijan has undergone significant economic transformation over the past two decades, as evidenced by a three-fold increase in GDP. Notably, the country has achieved a significant reduction in poverty, from 49 percent to an impressive 5 percent. In addition, Azerbaijan stands out in the world market with an exceptionally low level of external public debt, which is expected to amount to about 10% of GDP in 2023," Jabbarov added.

The minister believes that the path to achieving a sustainable future is obvious, but is fraught with challenges that need to be addressed.

"One of the notable challenges on the way to a green economy is the contamination of our lands with mines. Azerbaijan recognises the crucial role of mine clearance initiatives in stimulating sustainable development and promoting green transformation," the minister said.

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