Baku, May 27, AZERTAC

bp has today presented a decarbonization document reflecting comprehensive proposals and recommendations to support Azerbaijan`s energy transition. The document presents Azerbaijan's potential for renewable energy sources, low-carbon solutions, innovative renewable energy projects, as well as projects that bp can support. Decarbonization based on the strategic aspect and the possible consequences of this process for Azerbaijan to 2050 are presented.

Energy Minister Parviz Shahbazov said: “Azerbaijan's transformative priorities and plans to develop as a green growth country and create a net zero-emission green energy zone necessitate the introduction of low-carbon approaches. This document provides advanced solutions to build Azerbaijan's energy system based on renewable energy sources and a low-carbon future, and to achieve the goal of reducing the greenhouse gas emissions by 2050 by up to 40 per cent. bp's support for the decarbonization process, as well as participation in the implementation of our green agenda, elevates our long-term and reliable partnership in the hydrocarbon sector to a new level and paves the way for our joint contribution to global climate goals.”

Gary Jones, bp’s regional president for Azerbaijan, Georgia and Turkey, said: “The development of the document and today’s presentation mark a step forward in bp’s cooperation with the Government of Azerbaijan in support of the country’s energy transition efforts. Since the signing of the MOU last year we have worked hard to develop this document for Azerbaijan, building on expertise of low carbon technology and business models from across the bp Group. We are pleased that we are already in action on a number of components of this document. We hope that bp will continue to play a leading role in helping Azerbaijan develop its energy resources both in hydrocarbons and increasingly in low carbon.”

This document is based on the signing of a Memorandum of Understanding (MOU) by the Ministry and bp in February 2021 on cooperation in assessing the potential and conditions required for large-scale decarbonized and integrated energy and mobility systems, including renewable energy projects in the regions and cities of Azerbaijan.

Since then bp and the Ministry of Energy, as well as the various government institutions have worked together to develop the document. The document was compiled based on the intensive discussions on decarbonization opportunities.

bp and the Ministry of Energy will continue to work closely together towards realization of Azerbaijan’s low carbon energy development vision and the country’s overall sustainability goals.