Author: Nazrin Abdul, Azernews
Azerbaijan’s successful policies have fostered partnerships with several leading global organizations, including the International Finance Corporation (IFC). Its relationship is expanding in key areas, particularly the development of small and medium-sized enterprises and public-private partnerships.
IFC is actively involved in projects that improve energy efficiency, create green energy zones, and promote waste management initiatives. These efforts are consistent with Azerbaijan’s strategic development goals and have the potential to significantly contribute to regional development.
Recently, the Minister of Ecology and Natural Resources Mukhtar Babaevappointed President of COP29, met with Mahtar DiopManaging Director of the International Finance Corporation. During the discussions, they discussed the critical issue of climate change, which remains a priority for Azerbaijan. The dialogue focused on innovative climate finance solutions, as well as strategies to strengthen support for developing countries and mobilize private sector investment to achieve sustainable development goals in preparation for COP29.
It is noteworthy that Azerbaijan is currently working to expand cooperation with IFC in the field of green construction. This initiative emphasizes the promotion of environmentally friendly building materials and the development of low-carbon buildings.
What makes the green buildings initiative so important to our environment and communities?
Green buildings are necessary for several reasons, especially in the context of sustainability, environmental health and economic efficiency. Here are some key points about their importance and why governments are increasingly investing in this type of infrastructure:
1. Environmental benefits
– Reduce carbon footprint: Green buildings are designed to minimize energy consumption and reduce greenhouse gas emissions. They often use renewable energy sources such as solar or wind power, which helps reduce their overall carbon footprint.
– Resource conservation: these buildings promote efficient use of water and materials. Practices such as rainwater harvesting, greywater recycling and sustainable sourcing of materials help conserve precious resources.
2. Health and well-being
– Improved indoor air quality: Green buildings typically use non-toxic materials and have better ventilation systems, resulting in healthier indoor environments. This can reduce respiratory illnesses and other health problems in residents.
– Increased comfort: Features such as natural light and temperature control promote occupant comfort, which can improve productivity and overall quality of life.
3. Economic advantages
– Lower operating costs: Although the initial investment in green building technologies may be higher, the long-term savings on energy and water bills can be significant. These buildings often have lower maintenance costs due to the use of durable materials and efficient systems.
– Increased property values: Properties that meet green building standards are often more attractive to buyers and renters, resulting in higher market values and rental rates.
4. Government initiatives and policies
– Sustainable Development Goals: Many governments have set ambitious sustainable development goals to combat climate change and improve energy efficiency. Investing in green buildings is a tangible way to achieve these goals.
– Job creation: The green building sector creates jobs in construction, design and maintenance, contributing to the local economy and stimulating innovation in sustainable technologies.
– Regulatory Incentives: Governments often provide incentives such as tax breaks, grants or expedited permitting processes for developers who adhere to green building standards. This encourages more stakeholders to follow sustainable practices.
5. Public awareness and education
– Promoting a culture of sustainability: By prioritizing green buildings, governments can raise awareness of environmental issues and encourage citizens to adopt more sustainable lifestyles.
Green buildings play an important role in promoting a sustainable future by solving environmental problems, improving public health and stimulating economic growth. Governments recognize these benefits and are motivated to promote green infrastructure through policies and initiatives that support sustainable development.
An innovative project “Green Construction” is being launched in Azerbaijan to promote sustainable development
To support these initiatives, the International Finance Corporation (IFC) is implementing its Green Building Project in Azerbaijan following its success in 96 countries. In his speech at the conference “Innovative Solutions for Sustainable Microfinance” held in Baku, Leyla HuseynliSustainable Finance Specialist at IFC, announced that a roadmap for developing green buildings in Azerbaijan is expected to be presented at the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29).
Huseynli highlighted plans to create a new regulatory framework for the green building sector in the near future. This initiative will include the preparation of a roadmap for the development of green buildings in accordance with the Memorandum of Understanding signed with the State Committee for Architecture and Urban Planning.
She also emphasized IFC’s close cooperation with the Central Bank of Azerbaijan through various initiatives.
“Climate change is not a distant problem; we are already feeling its effects. Events expected over the next 50 years will be five times more severe, with expected damage increasing by 77%,” she said.
In addition, Huseynli noted that in 2023, IFC’s total investment portfolio will be US$43 billion, of which US$14 billion has already been allocated for sustainable and green financing. “In return, we have successfully raised US$15 billion for projects directly related to sustainable development and climate initiatives,” she added.
In conclusion, Azerbaijan’s proactive approach to sustainable development is demonstrated by its cooperation with the International Finance Corporation (IFC) and the promotion of green building initiatives. These efforts not only meet global climate action goals, but also promote regional development by promoting environmental protection, economic efficiency and public welfare.
Ongoing discussions between Azerbaijani officials and IFC highlight the urgent need for innovative financing solutions and regulatory frameworks that support green building. As it prepares to unveil its green buildings roadmap at COP29, Azerbaijan is positioning itself as a leader in sustainable development.
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