Azerbaijan’s non-oil sector achieves significant growth

Azerbaijan's non-oil and gas sector has achieved significant growth of 7% in the first eight months of 2024, according to the country’s Economy Minister Mikayil Jabbarov.

Speaking at the Baku Climate Action Week that commenced on Monday, Minister Jabbarov noted that from 2011 to 2023, the average annual economic growth rate in the country was 1.5%, with the non-oil and gas sector expanding by 4.4%, News.Az reports.

He highlighted the recent impressive growth in the non-oil sector as a positive indicator of economic development.

The minister emphasized Azerbaijan's commitment to the global "green transition," which is regarded as a top priority worldwide. He stated, "Aligning our country’s climate change goals with global challenges has provided us with valuable experience. Our ‘green’ projects with major energy companies aim to transform Azerbaijan into a clean energy nation and promote investments that support environmental sustainability."

Jabbarov also discussed specific commitments Azerbaijan has made in this area, including the Strategy for Socio-Economic Development for 2022–2026, which aims to increase the share of renewable energy in electricity production and improve waste processing initiatives. He expressed satisfaction with SOCAR's voluntary commitment to implement a decarbonization strategy and achieve net-zero methane emissions by 2050 within the framework of COP.

News.Az