BAKU, Azerbaijan, October 29. Azerbaijan is
expanding green financing opportunities for renewable energy, the
Director of the Finance Department at SOCAR Green LLC, Rza Naghiyev
said at the 13th Caspian Energy Forum in Baku, Trend reports.
According to him, this is not the only factor, as Azerbaijan has
simultaneously launched financing for a new concept.
“In 2020, the Central Bank provided a legislative framework and
adopted a number of decisions. A document on green taxonomy was
adopted, which is a very promising step, but it is not enough.
Regulators and the Central Bank must take these aspects into
account in subsequent stages. Financing requires sufficient
capitalization, and conditions must be simplified so that each
project has its own characteristics. Banks and financial
institutions must regulate this process to increase interest in
green financing.
In addition, at the end of 2024, the government’s procurement
responsibility was included in the support mechanism, with tax
breaks for 30 years, which is an extremely significant step. This
applies not only to “green” projects, but also to projects to
attract investment,” he said.
