The Azerbaijan State News Agency

ECONOMY

Azerbaijan`s Minister of Energy, European Commissioner for Energy make press statement

Azerbaijan`s Minister of Energy, European Commissioner for Energy make press statement

Baku, March 1, AZERTAC

Co-Chairs of the Southern Gas Corridor Advisory Council Parviz Shahbazov, the Minister of Energy of the Republic of Azerbaijan, and Kadri Simson, the European Commissioner for Energy, have made a press statement.

The statement reads: “The 10th Ministerial Meeting of the Southern Gas Corridor (SGC) Advisory Council and the 2nd Ministerial Meeting of the Green Energy Advisory Council were convened in Baku on 1 March 2024. Representatives from 23 partner governments and 52 institutions and companies joined for this important occasion. The meeting demonstrated the unwavering commitment of the European Union and the Republic of Azerbaijan to our Strategic Partnership in the field of energy, which covers cooperation in various areas, including affordable, stable, and secure natural gas supply, promotion of renewable energy generation, energy efficiency, hydrogen production, reduction of methane emissions, and environmental protection.

The ministerial meeting of the SGC Advisory Council reaffirmed the important role of the SGC as a reliable transmission system which secures stable and competitive energy supplies from the Republic of Azerbaijan and recognized its successful operations for the third consecutive year. In 2023, Azerbaijan exported to EU around 12 billion cubic meters of natural gas from Azerbaijan, which represents more than 45% increase since 2021. In total Azerbaijan exported around 23.9 billion cubic meters of natural gas in 2023 to the EU, Turkish, Georgian and Serbian markets.

Participants discussed on-going efforts to develop relevant infrastructure and gas fields to further increase gas supplies from Azerbaijan to the European Union. The Solidarity Ring initiative was mentioned, as well as Bulgaria-Serbia Interconnector. Participants encouraged the full utilization of existing transmission systems, such as the Trans Balkan pipeline, and the completion of ongoing projects that will further enhance the diversification of supplies to the integrated European market.

The meeting also highlighted the role of the SGC in the energy transition and the importance of undertaking the necessary steps to mitigate and abate methane emissions in line with domestic and international initiatives and standards, such as the Global Methane Pledge and the Oil and Gas Methane Partnership 2.0.

The Ministerial Meeting of the Green Energy Advisory Council congratulated the Republic of Azerbaijan for hosting the next UN Climate Change Conference (COP29). Participants discussed recent developments, including the Global Stocktake commitments to transition away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade, so as to achieve net zero by 2050 in keeping with the science, to triple renewable energy capacity and double energy efficiency improvements worldwide by 2030 as a result of the latest UN Climate Change Conference. Reiterating the importance of strategic documents such as the Memorandum of Understanding on a Strategic Partnership in the field of Energy between Azerbaijan and EU, as well as the “Agreement on a strategic partnership in the field of green energy development and transmission between the Governments of the Republic of Azerbaijan, Georgia, Romania and Hungary” signed in Bucharest on December 17, 2022, the meeting demonstrated robust commitment from partner countries, financial institutions, and companies to take an active role in untapping the renewable energy potential of the Caspian region, including in power generation and transmission capacity development, and considering the role of hydrogen and other renewable fuels.

For the effective implementation of the Memorandum of Understanding, the co-chairs agreed on a number of steps and priority tasks to guide the collaboration in the coming period.

The meeting promised a strong will to maintain effective dialogue and close cooperation to tackle issues of energy security and climate change.

In the margins of the Southern Gas Corridor meeting the 6th Ministerial Meeting under the Strategic Partnership in the field of Green Energy Development and Transmission took place between the Governments of the Republic of Azerbaijan, Georgia, Romania and Hungary. Finally, the co-chairs convened an EU-Azerbaijan business and investment roundtable on off-shore wind energy development.

They welcome the signature of a Memorandum of Understanding on wind energy cooperation between the Azerbaijan Renewable Energy Agency and WindEurope.”

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