Azerbaijan to present green building roadmap, says IFC

?Azerbaijan is set to unveil a roadmap for the development of green buildings before the upcoming COP29 summit, according to Leyla Huseynli, a sustainable finance expert at the International Finance Corporation (IFC), Azernews reports.

Speaking at the "Innovative Solutions for Sustainable Microfinance" conference, Huseynli revealed that the roadmap will be part of a new regulatory framework aimed at promoting green buildings within the country.

"This roadmap is being developed under a Memorandum of Understanding signed with the State Committee for Architecture and Urban Planning of Azerbaijan," Huseynli stated, highlighting the significance of this initiative for Azerbaijan's broader sustainability goals.

In addition to her work on green building regulations, Huseynli emphasized the IFC's ongoing collaboration with the Central Bank of Azerbaijan in several key areas, especially related to sustainable finance. She also warned of the growing impact of climate change, stating, "Climate change is not a distant future, we are already feeling its effects. Events in the next 50 years will be five times more severe, and the damage they cause is expected to increase significantly."

Huseynli noted that the IFC’s commitment to sustainability has been demonstrated through its investments. In 2023, IFC's total investment portfolio amounted to $43 billion, with $14 billion already allocated to sustainable and green finance projects. She added that these efforts have helped attract an additional $15 billion in funding for projects focused on sustainability and addressing climate change.

As Azerbaijan prepares to host COP29, the country is positioning itself as a leader in green development, with the introduction of the green building roadmap serving as a crucial step in its environmental and regulatory reforms.