Ministerial adviser: Azerbaijan actively supports OTS green finance initiatives

Azerbaijan is actively participating in Organization of Turkic States (OTS) initiatives aimed at developing green finance and implementing environmental solutions, said Huseyn Huseynov, adviser to Azerbaijan's Minister of Economy, following the second meeting of the Turkic Green Finance Council in Astana, Report's Kazakhstan bureau informs.

According to him, Azerbaijan is one of the active members of the OTS and has participated in the Council's meetings and initiatives for the second consecutive year.

"Last year, we participated in the first meeting of the Council. At the second meeting, the main focus was on developing carbon markets, expanding relevant activities and applying green finance instruments to nature-based solutions," Huseynov said.

He said participants also discussed joint projects aimed at strengthening the capacity of OTS member states to use modern green financial instruments.

The minister's adviser stressed that developing the green economy and implementing environmentally friendly solutions are among Azerbaijan's key priorities.

"The fifth goal of the approved national priorities for socio-economic development 'Azerbaijan 2030' envisages transforming our country into a state of a clean environment and green growth," he said.

According to Huseynov, Azerbaijan consistently supports initiatives by international organizations in this area. Participation in the Turkic Council on Green Finance enables the country to study the experience of other OTS states, adapt effective financial mechanisms and promote joint projects.

"We study the issues discussed on such platforms and the experience of applying green finance instruments in member states. At the same time, work is underway to introduce suitable mechanisms in Azerbaijan," the minister's adviser added.