(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 22. Azerbaijan has
great potential for development of low-carbon industry, Boston
Consulting Group representative Stanislav Yankelevich said,
He spoke at the SPE Caspian Technical Conference in Baku.
"The third energy transition is already underway, and most
countries bear a significant amount of responsibility for its
success. A $4 trillion investment is needed to enable a low-carbon
transition. There is a significant infrastructure in place to
transport energy from Azerbaijan to Europe. The infrastructure's
capacity can be doubled. This necessitates three critical elements:
investment, technological gap closure, and financial skill
improvement. Furthermore, it is critical to recruit graduates to
the country for continued training. If these issues are resolved,
Azerbaijan will be able to compete on the global market with other
countries by growing its capacity," he added.
Europe is Azerbaijan's largest market for "green" energy, and
there is already a particular scheme in place to supply electricity
from renewable sources.
Thus, on December 17, 2022, Azerbaijan, Georgia, Romania, and
Hungary signed a strategic collaboration agreement that calls for
the development of an energy bridge connecting the Caucasus area to
Europe. The agreement calls for Black Sea Energy to construct a
1,000 MW underwater power cable with a length of 1,195 kilometers.
The cable will be built to transport "green" electricity generated
in Azerbaijan through Georgia and the Black Sea to Romania, where
it will be distributed to Hungary and the rest of Europe. This will
allow for the supply of up to 4 gigatonnes of renewable energy.
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