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Agreement with UK-based "Carbonbit Technologies" was signed to support the development of Green Economy

Agreement with UK-based "Carbonbit Technologies" was signed to support the development of Green Economy

Within the framework of COP29, the "Azerbaijan Investment Company" OJSC (AIC) has signed several agreements aimed at advancing projects that contribute to the development of the green economy. These agreements, made in partnership with international stakeholders, are designed to foster sustainable development and innovation in Azerbaijan.

A Memorandum of Understanding was signed between AIC and the UK-based "Carbonbit Technologies" to collaborate on the development and commercialization of carbon technologies. This project will focus on advancing carbon capture solutions in Azerbaijan. The collaboration will prioritize two key carbon capture approaches: Direct Air Capture (DAC), which involves absorbing CO2 directly from the atmosphere, and Carbon Capture, which captures CO2 before it enters the atmosphere.

At the event, Philip Hargreaves, CEO of "Carbonbit Technologies", Tommy Rickets, CEO of "BeZero" Carbon Ratings Agency, and John Patterson, Chairperson of British Chamber of Commerce Azerbaijan, made their speeches on carbon markets, measures to be taken to reduce carbon footprint and developmnet of green economy. 

By investing in innovative carbon technologies, Azerbaijan aims to reduce its carbon emissions and contribute to global efforts in combating climate change. The partnership between AIC and Carbonbit Technologies is pivotal, as it will not only enable the rapid advancement of the project but also position Azerbaijan as a regional hub for carbon capture technology for the export to Central Asia, CIS and beyond.