Private sector must invest in climate action too, expert says

Fighting climate change requires not only government funding but also active investment from the private sector, said Victor Kovalenko, Head of Climate Change and Sustainability Services for Central Asia at EY, during Baku Climate Action Week (BCAW2025), Report informs.

He noted that while states bear much of the responsibility for addressing global issues, the private sector plays a crucial role:

"There are two key expectations from governments: first, to clearly define climate goals, and second, to push businesses in that direction."

Kovalenko emphasized the gap between state priorities and corporate focus:

"To be honest, most of the private sector thinks neither on a global scale nor at the country level. Businesses think about their own bottom line-profit, sustainability, reliability, and financing. In other words, companies prioritize what directly affects them."

He concluded that governments must set clear frameworks and targets to compel the private sector to align with broader climate objectives.