Azerbaijan Affords Huge Potential For Low-Carbon Industry Devt - Boston Consulting Group

(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, Trend reports.

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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