(MENAFN- AzerNews) By Ayya Lmahamad
Azerbaijan and the European Union have discussed energy
cooperation and the attraction of investment in renewable energy
within the framework of the economic and investment plan, Azernews
reports.
The discussion took place during the meeting between the
representatives of Azerbaijan's energy Ministry and a delegation
headed by the European Commission Eastern Neighborhood and EU
Institutional Building Department Director Lawrence Meredith.
During the meeting, the parties noted that the memorandum of
understanding on strategic partnership in the energy field signed
between Azerbaijan and the EU on July 18, 2022, and the strategy
for the socio-economic development of Azerbaijan for 2022-2026 are
the platforms for the identification of priority projects.
The parties noted that the production and export of green energy
and green hydrogen, energy efficiency, and methane emission
reduction are reflected in both documents, emphasizing the
importance of financial support for the implementation of measures
in these areas.
Moreover, the information was provided on renewable energy
projects implemented with international energy companies, export
routes planned to transport the green energy to be produced,
actions and plans implemented to achieve the development of
territories as a green energy zone with zero emissions and 40
percent reduction in greenhouse gas emissions by 2050. In this
context, specific projects were proposed for which financial
support from the European Union was deemed necessary.
In particular, it was noted that cooperation in financial and
technical support related to the Black Sea submarine power line,
green hydrogen projects, construction of solar panels on the roofs
of houses in the liberated areas, and construction of heating and
energy efficiency in buildings is of great importance.
Investment opportunities, Eastern Partnership
program
The EU delegation also held a meeting with Azerbaijani First
Deputy Economy Minister Elnur Aliyev.
During the meeting, the parties emphasized the importance of
cooperation between Azerbaijan and the EU, especially the expansion
of relations within the framework of the Eastern Partnership
program.
They underlined that partnership with the EU in the framework of
various programs and projects is important in terms of applying
modern approaches and accelerating the transition to green and
digital development.
The parties exchanged views on investment opportunities and
potential projects in the private and public sectors, as well as
the implementation of the economic and investment plan of the
European Union.
Further, the first meeting of the high-level working group on
investment identification and prioritization took place.
The meeting was attended by representatives of relevant
government agencies, the European Commission, the European Bank for
Reconstruction and Development, and the European Investment
Bank.
Effective cooperation between Azerbaijan and the European Union
was emphasized at the event. It was noted that the coordination of
Azerbaijan's social and economic development goals with the
Flagship Initiatives of the European Union contributed to
strengthening the partnership. The meeting also looked into the
priority areas to be implemented in Azerbaijan as part of these
initiatives.
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Ayya Lmahamad is AzerNews' staff journalist, follow her on
Twitter: @ayyalmahamad
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Tags: azerbaijan european union investments economy cooperation energy eastern partnership program green energy