WNAM MONITORING: Azerbaijan has initiated budget reforms aimed at combating climate change and protecting the environment, the country’s Finance Minister Samir Sharifov announced during a plenary session of Azerbaijan’s Milli Majlis (Parliament), held.
“The labeling of green budget expenditures has begun within the framework of the Environmental Protection and Agriculture Sector, Ecological Profile Targeted Budget Funds, and the 2022-2026 Socio-Economic Development Strategy,” Minister Sharifov stated.
According to the proposed plan, in 2025, a total of 1.3 billion manats ($764.7 million) will be allocated towards green initiatives. Of this amount, 1 billion manats ($588.2 million) will be directed towards climate change adaptation and mitigation measures, while 300 million manats ($176.4 million) will be dedicated to environmental protection efforts.
The draft budget under discussion in the Milli Majlis projects state budget revenues of 38.316 billion manats (approximately $22.539 billion) in 2025, representing a 5.3% increase compared to the approved forecast for 2024. Expenditures are expected to exceed 41.367 billion manats ($24.333 billion), marking a 4.1% increase.
