Baku, November 11, AZERTAC

Bruce Douglas, CEO of the Global Renewables Alliance (GRA) shared his insights with the Azerbaijan State News Agency (AZERTAC) on Azerbaijan’s hosting of the 29th session of the Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change, which will play a critical role in facilitating the country's transition to green energy, as well as achieving the goals of renewable energy development.

AZERTAC presents the interview:

- What will COP29 mean for the world? How do COP conferences contribute to global efforts to combat climate change and what specific results are achieved from such conferences?

- I congratulate the Azerbaijani government on their leadership at COP29, the valuable action agenda and for already developing their important green energy projects. COP28 made history with the UAE Consensus to triple renewable energy, double energy efficiency, and transition away from fossil fuels by 2030. One year later, COP29 serves as a crucial milestone in the energy transition pathway as the important middle step of the “Troika” from COP28 to COP30. That is the important role that COPs play: to bring key stakeholders together to not only raise awareness about the climate issue, but also discuss, exchange information, experiences and agree on specific actions going forward.

COP29 fits into this trajectory as the "finance COP". Finance is a major enabler of the energy transition, and ensuring financial flows to renewable energy initiatives, especially in emerging markets and developing economies (EMDEs), will be a central topic in Baku. The COP29 Presidency has launched the COP29 Presidency Action Agenda, highlighting the main topics that will be at focus, including climate finance.

- In your opinion, what are the main goals of the COP29 UN climate conference that will be held in Azerbaijan, and what priorities will be highlighted to achieve these goals? What are your expectations from this conference?

- One of the main goals of COP29 will be to discuss the proposal for a new collective quantified goal (NCQG) on climate finance. Besides that, I would also highlight the leadership of the COP29 Presidency in pushing for an Action Agenda, with three critical energy topics in particular that companies and organizations around the world can support: a global target for energy storage and grids to increase flexibility of renewables; green zones and corridors; and green hydrogen.

World leaders have the opportunity to replicate the success of COP28 by supporting these global goals on finance, grids and storage. That would spur action and create a global race to the top.

- Is the green transformation possible at the global level? What are the prospects for this transformation and what challenges will countries face?

-The green transition is absolutely possible at the global level, and we are fighting every day to make it a reality. However, we must face the facts: we are not on track to reach the objective of tripling renewable energy by 2030. While stakeholders from around the globe are tirelessly cooperating to deliver record increases in renewable energy capacity, as was the case in 2023, there is still an important gap between our ambitions and our actions.

- As you know, developing countries are still concerned about the lack of funds promised by developed countries to combat climate change. In your opinion, will COP29 be able to determine a new level of this assistance?

- During COP29, it will be essential that world leaders discuss financing for renewable energy investments, in order to achieve $10 trillion of cumulative investment necessary to triple renewables by 2030. A special focus must be given to EMDEs, which are still underserved when it comes to distribution of renewables deployment.

- What do you think are the possibilities for transforming the liberated territories of Azerbaijan into a "green" energy zone?

-Azerbaijan, and its neighboring countries, are faced with a unique opportunity to develop green energy zones. According to the World Bank and ESMAP, Azerbaijan's technical offshore wind potential is 157 GW, of which 35 GW is suitable for fixed-bottom projects and 122 GW for floating wind. This, together with large amounts of onshore wind and solar PV potential make the country a great place to develop a green energy zone, and develop a green corridor to offtake electricity via a HVDC cable to other markets.