The Azerbaijan State News Agency

ECONOMY

UAE hosts event on “Opportunities for Renewable Energy Investments in Azerbaijan”

UAE hosts event on “Opportunities for Renewable Energy Investments in Azerbaijan”

Baku, December 5, AZERTAC

As part of the 28th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP28), an event on “Opportunities for Renewable Energy Investments in Azerbaijan” has been held in Dubai, organized by the Ministry of Energy and with the participation of energy companies, the Ministry of Energy told AZERTAC.

Energy Minister Parviz Shahbazov noted that the cooperation with international energy companies plays an exceptional role in creating sustainable, safe energy powers and making important contributions to the establishment of a green future at national levels, and Azerbaijan has already started a green energy partnership with seven international companies. The minister mentioned that becoming a country of green growth and achieving a clean environment by 2030 is identified as one of the national priorities for socio-economic development, adding that such a policy provides the perfect foundation for a successful energy transformation in the region.

“The state policy of President of Azerbaijan Ilham Aliyev, which prioritizes the development of renewable energy through foreign investment, the transformation of the liberated territories from the gray zone to the green energy zone, and the Caspian Sea to the green energy production and export center, also promotes the flow of green investment,” Shahbazov underlined.

“In October, we launched the first foreign investment-based and the largest solar power plant in the CIS, Caspian region with Masdar. By 2027, in addition to this 230 MW plant, 8 solar and wind power plants with a capacity of more than 1.6 GW will be built by Masdar, ACWA Power, bp, China Gezhouba, Nobel Energy and Baltech. By 2030, more than 8 GW of onshore and offshore green energy projects for domestic consumption, decarbonization of the economy and export will be implemented through foreign investment. In 2031-2037, we plan to create capacities in the amount of about 19 GW for the production and export of green energy, hydrogen and green ammonia with international energy companies,” the minister added.

Minster Parviz Shahbazov spoke about intensive work on the export of 4 GW of green energy at the initial stage through the Caspian-Black Sea-European Union Green Energy Corridor and more than 1 GW through the Azerbaijan-Türkiye - Europe route. He also highlighted the cooperation opportunities for companies in the fields of wind turbines, local production of solar panels, creation of energy storage systems, as well as strengthening the network using advanced network technologies for efficient energy distribution, green hydrogen production, storage and transportation, as well as capture and storage of carbon emissions, and electric charging infrastructure.

The event included the topics on Energy Transition and Net Zero: Prospects, Renewable Energy Development Opportunities in Azerbaijan, Clean Energy - based Business Models for the Net Zero Future of the Oil and Gas Industry, MASDAR's Approach to Green Energy, Wind Energy and Energy Storage Solutions for a Sustainable Network, and Energy Transition and Decarbonization that presented by the representatives of IRENA, SOCAR, WindEurope, Masdar, bp, ACWA Power, Nobel Energy.

17 energy companies and organizations were represented at the event held in the pavilion of Azerbaijan.

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