The Asian Development Bank has approved technical assistance in the amount of USD 1.25 million to “Azerbaijan Railways” CJSC for the preparation of a decarbonization project.
According to EDnews, citing the bank, the ADB is allocating the funds through the Technical Assistance Special Fund and the “Smart Energy” Innovation Fund.
The goals of the project include accelerating progress on gender equality, combating climate change, building resilience in climate and nature-related areas, enhancing environmental sustainability, and strengthening governance and institutional capacity.
According to the ADB, Azerbaijan aims to establish itself as an international logistics hub by 2025 by strengthening connectivity through the East-West and North-West corridors and diversifying trade routes via the Middle Corridor to enhance economic resilience and regional integration: “With increasing freight volumes, the state-owned 'Azerbaijan Railways' is aligning with international best practices by focusing on decarbonization to support the country’s climate targets. ADY is advancing the decarbonization agenda by improving operational efficiency and reducing costs through the increased use of renewable electricity. This transition will also bring additional benefits such as improved air quality, reduced public health costs, and job creation in the clean energy sector.”
Madina Mammadova\\EDnews
