Azerbaijan prioritizing renewable energy production as key business direction - deputy head of tax service

  17 May 2024    Read: 1499
Azerbaijan prioritizing renewable energy production as key business direction - deputy head of tax service

Azerbaijan's industries, in respect of which preferential tax regime and investment promotion mechanism are applied, are linked to “green” initiatives, deputy head of the State Tax Service under the Ministry of Economy Samira Musayeva said at the "Enhancing Ambition, Enabling Action: COP29 Sustainable Business Forum" event in Baku today, AzVision.az reports.

“If we study the priority business in Azerbaijan now, we will see that it is renewable energy production, technology application, waste reuse, seawater desalination, and public-private partnership in the energy sector aimed at achieving climate goals,” Musayeva said.

''As for private small businesses, there are certificates for strategic investment projects that provide several tax benefits under the current legislation,'' she added.

This November, Azerbaijan will host COP29. This decision was made at the COP28 plenary meeting held in Dubai on December 11 last year. Baku will become the center of the world and will receive about 70–80,000 foreign guests.

The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous human interference with the climate system. COP - the Conference of the Parties - is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change. There are 198 countries that are parties to the Convention. Unless the parties agree otherwise, the COP is held annually. The first COP event took place in March 1995 in Berlin, and its secretariat is located in Bonn.


More about:


News Line