(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 18. International
Finance Corporation (IFC) is ready to support Azerbaijan on its
path to decarbonization, Aliya Azimova, IFC's Country
Representative in Azerbaijan, told .
'The recent global acceleration toward renewables may challenge
the historically dominant role of hydrocarbons as the main energy
source. At a time like this, diversifying its energy sources will
help Azerbaijan create jobs and stimulate economic growth,' she
said.
IFC's country representative noted, for that, Azerbaijan needs
large amounts of investments, and the country is already on the
path of attracting private sector participation.
'This will help boost funding in priority areas—such as
renewables—while ensuring fiscal sustainability. Hence, we at IFC
look forward to supporting Azerbaijan on its path towards
diversification and decarbonization through sustainable private
sector investments,' she noted.
In a timely effort, a new roadmap, released by the Ministry of
Energy of the Republic of Azerbaijan, the World Bank, and the IFC,
shows that Azerbaijan has the potential to install 7 gigawatts of
offshore wind power by 2040, with the right long-term vision,
infrastructure development, investment, and policies.
According to Azimova, implementation of this first-of-its-kind
offshore wind roadmap can turn the nation into a renewable energy
powerhouse, supporting the country's energy resource
diversification strategy.
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