BAKU, Azerbaijan, September 25 – An international forum on carbon pricing recently took place in Baku, organized by the State Tax Service under the Ministry of Economy of Azerbaijan in collaboration with the Intra-European Organization of Tax Administrations (IOTA). The event was attended by Economy Minister Mikayil Jabbarov, head of the State Tax Service Orkhan Nazarli, and officials from over 40 countries, along with foreign experts and specialists.
The main highlight of the forum was the announcement by Minister Mikayil Jabbarov regarding the Climate Finance Action Fund, which aims to raise $1 billion in capital and engage at least ten donor countries to support green technology initiatives. This initiative will be a key discussion point at the upcoming COP29 event hosted by Azerbaijan.
Notable discussions at the forum included the significance of fiscal instruments in the decarbonization process and the implementation of a “green” tax policy in Azerbaijan. International organizations and experts emphasized the importance of carbon pricing as a powerful tool to incentivize low-carbon investments and address climate risks.
The forum will continue its discussions to support the transition to a sustainable climate economy and explore collaborative efforts in addressing environmental challenges.
