Baku, April 3, AZERTAC

Co-organized by Azerbaijan’s Ministry of Energy and the Export and Investment Promotion Foundation (AZPROMO), an Azerbaijan-US Green Energy Forum has been held in Baku.

The forum, co-chaired by Azerbaijan’s Deputy Minister of Energy Elnur Soltanov and Assistant Secretary of Commerce for Global Markets of the United States of America Arun Venkataraman, was attended by a number of government agencies and business representatives

First, the chairs held bilateral meeting, during which they exchanged views on expanding relations between the two countries in the field of energy, studying the possibilities of cooperation on green energy and other issues of mutual interest.

Addressing the forum, Deputy Minister Elnur Soltanov noted that the policy pursued by President Ilham Aliyev towards the development of various energy sources, as well as the far-sighted political decisions and decisive steps taken by the President contribute to the energy security of Azerbaijan’s partners and ensure a smooth transition to green energy.

The deputy minister also highlighted the strategic goals, large-scale works in the field of renewable energy, as well as implemented projects. "Over the last 8 months, we have signed cooperation documents with "Masdar", "ACWA Power" and "Fortescue Future Industries" on 25 GW of "green energy" projects. These production capacities, which are planned to be put into use gradually by 2040, are way more than our demand, and our potential is also way more than the mentioned capacities to be created. The Azerbaijani sector of the Caspian Sea with a potential of 157 GW of wind energy, the liberated areas, and Nakhchivan are the most attractive places for "green investment" in our country,” Soltanov noted.

He also spoke about Nakhchivan's rich solar energy potential, its transformation into a green energy center, and plans for foreign investment projects with a capacity of 1,500 MW. In general, it was noted that a significant part of the green powers to be developed in the country can be exported to Türkiye and Europe.

Speaking at the forum, Assistant Secretary Venkataraman said: “This forum is important so you can hear directly from U.S. companies interested in green opportunities in Azerbaijan. The Department of Commerce and the U.S. private sector are committed to helping Azerbaijan achieve its clean energy goals.”

While noting U.S. commitment towards working with Azerbaijan on green energy sector as well as decarbonization in emissions-intensive sectors, Assistant Secretary Venkataraman stated: “President Biden has committed to take ambitious action to tackle climate change and set the United States on the path to achieve net-zero emissions by 2050. This Administration has launched a coordinated whole-of-government approach to address climate change.”

The event heard presentations on the current situation in the production of electricity in Azerbaijan and its relations with neighboring countries in the field of electric power, as well as renewable energy potential, the legislative framework in the relevant field, investment climate, work done in this field and current projects. The discussions also revolved around green hydrogen projects and clean energy technologies integration plans into the energy balance.

The Forum continued with business meetings organized between Azerbaijani and US companies.