H.E. Zehra Zümrüt SELÇUK addressed the Panel Session on Role of SMEs in Green Economy, held as a side event of the United Nations Climate Change Conference (COP29) on 16 November 2024 in Baku. The Session was organised by the Small and Medium Business Development Agency of the Republic of Azerbaijan (KOBIA) together with the Ministry of Economy of Azerbaijan.

In her speech, H.E. SELÇUK provided an overview of the Green Transitions and Climate Financing for Small and Medium Sized Enterprises (SMEs) in the OIC Member Countries. She underlined that micro, small and medium businesses (MSMEs) are the backbone of development, and according to the UN, accounting for more than 90% of businesses, around 70% of employment and 50% of global GDP. Furthermore, MSMEs in OIC coutries contribute to around 93% of employment, a rate higher than the global average. H.E. SELÇUK also highlighted major challenges faced by these businesses, including lack of finance, quality of infrastructure, access to markets, customs and trade regulation, and transport challenges, among others.

In addition, she stressed the need to support increasing the availability of funding schemes, promote green entrepreneurship programmes, and implement policies to foster sustainable green growth and development for the future.

The Panel addressed the importance of green transition for SMEs, challenges faced by SMEs in relation to green transition and climate change, climate finance issues for SMEs. It highlighted the significant role of SMEs in the global economy and their importance in combating climate change. Additionally, the discussions emphasized the importance of global networking for the green transition of SMEs, taking steps to continually support their needs throughout this process, and increasing their environmental responsibility.

Photos