SMB

We believe Azerbaijan’s socio-economic development is closely linked with entrepreneurship and its future development!

A conference was held regarding the presentation of unified platform and the national standard for ESG A national standard on Environmental, Social, and Corporate Governance (ESG) has been adopted "KOB FEST" exhibition-sale fair held in Khachmaz A business plan – the key to successful and sustainable business "From Us to Business" startup competition is underway Meetings with entrepreneurs were held in Jalilabad and Goychay This year, entrepreneurs and individuals seeking to start business for the development of 220 business plans were supported A meeting with entrepreneurs was held in Quba "SMB FEST" exhibition-sale fair is underway in Khachmaz What should green business be like?

A conference discussing "The contribution of small and medium enterprises to the green economy" was conducted 09.09.24

The discussion covered SMBs transition towards a more environmentally friendly economy and contribution to tackling global climate change.

The majority of businesses globally are SMBs, accounting for over 90%. SMBs account for 70% of global jobs and represent 50% of the GDP. Although SMBs have relatively less minimal environmental effects on their own, collectively they are culprits for half of global greenhouse gas emissions and account for 30-60% of energy consumtpion in the business industry. The transition of millions of SMBs to a green economy can make a positive contribution towards the global fight against climate change. In Azerbaijan, SMBs make up 99.6% of entrepreneurs. A conference on "The role of small and medium enterprises in the green economy" was organized to emphasize the importance of SMBs in fighting climate change and moving towards a green economy, as well as to explore collaborative interventions in this field.

The event, organized with the support of the ministries of economy, ecology and natural resources, and the Small and Medium Business Development Agency (KOBİA), was attended by heads of relevant government agencies, representatives of international organizations and public associations of entrepreneurs, and business persons from various sectors. At the event, Minister of Economy Mikayil Jabbarov and Minister of Ecology and Natural Resources, designated president of COP29 Mukhtar Babayev, spoke about the role of the green economy in sustainable development, the measures taken under the national priority "Clean environment and green growth country" defined by President Ilham Aliyev, the application of environmentally friendly technologies and the increase of green production, recycling, and the promotion of the restoration of polluted areas. It was stated that sizeable weight and contribution of SMBs towards socio-economic progress of Azerbaijan continues to gain momentum.

SMBs play a crucial role in boosting GDP, creating jobs, and aiding the economic recovery of the liberated areas. In the modern age, SMBs should also contribute to the growth of the green economy. SMBs are expected to implement energy-saving technologies, utilize renewable energy sources for energy efficiency, recycle waste, minimize waste volume, use eco-friendly materials, actively engage in social projects, and create environmentally-friendly products and services,among other things. The conference featured speeches by Nigar Arpadarai, the UN high-level Climate Champion, Orkhan Mammadov, сhairman of the Board of KOBİA, Yusif Abdullayev, executive director of the Export and Investment Promotion Agency - AZPROMO, and Jens Nielsen, Chairman of the Board of the World Climate Foundation.

The green transformation of SMBs is possible through the joint efforts of stakeholders at the national and global levels. Stemming from this necessity, KOBİA has launched a global initiative to support the facilitation of the green transition of SMBs, which is reflected in the Baku Coalition Declaration for the Green Climate Transition of SMBs. During the event, the relevant declaration was presented to the president of COP29. A Memorandum of Understanding on cooperation for the green transition of SMBs was signed between KOBİA and "ACWA Power Azerbaijan Renewable Energy" LLC.

The document, signed by Orkhan Mammadov, chairman of the Board of KOBİA, and Selim Guven, director of "ACWA Power Azerbaijan Renewable Energy" LLC, outlines joint cooperation measures to support the transition of small and medium-sized enterprises to a green economy. At the conference, KOBİA was awarded a certificate by the UN Global Compact for its active participation in promoting a corporate sustainability culture. The event carried on with panel sessions on "The necessity of the green transition for SMBs" and "climate finance and SMBs"