Rauf Hajiyev: Private sector should also help prevent Caspian Sea level decline

It is not right to focus only on a financial base in steps to be taken to prevent the decline in the water level of the Caspian Sea.

Report informs that Azerbaijani Deputy Minister of Ecology and Natural Resources Rauf Hajiyev said this at a session titled "Climate-Resilient Cities and Communities in the Caspian Region: Securing Climate Finance for Urban Adaptation," held as part of the 13th session of the World Urban Forum (WUF13) in Baku.

According to him, the private sector should also actively participate in this initiative:

"One of the financing gaps is also seen at the project preparation stage. In many cases, priorities and project ideas exist, but turning them into fully prepared, financeable projects for international financial institutions and climate funds requires separate resources and technical support. Strengthening implementation capacity at the local level is also an important issue. Adaptation measures are ultimately carried out in cities, districts and communities. If technical and institutional capacities at the local level are not strong enough, difficulties may also arise in the effective use of allocated resources."

The deputy minister said relying on only one source of financing is not enough to meet these needs:

"The state budget, climate funds, multilateral development banks and private sector investments should be used in a mutually complementary way. Blended finance approaches create an important opportunity in this regard. Climate funds can support risk reduction, pilot projects and technical assistance work."