(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 17. Finance is a keyrequirement for tripling the use of renewable energy by 2030,Azerbaijani Minister of Energy Parviz Shahbazov said, Trend reports.
He made the remark at the high-level plenary session themedTripling Renewable Energy, hosted by the 14th Assembly of theInternational Renewable Energy Agency's (IRENA) in Abu Dhabi.
"Investments should be aimed toward the building of productioncapacities, integration with the energy system, boosting andmodernizing power grid capacity, the installation ofinterconnectors, and energy storage systems," the ministernoted.
He assessed Azerbaijan's accession to the Global Promises onRenewable Energy and Energy Efficiency as evidence of itscommitment to the green energy shift.
The minister once again emphasized that the opportunity to hostCOP29 in Azerbaijan provides the country with a chance to enhanceachievements in renewable energy development.
"COP29 will become an important platform for mobilizing effortsto adopt new global collective financial goals," he added.
This November, Azerbaijan will host COP29. This decision wasmade at the COP28 plenary meeting held in Dubai on December 11 lastyear. Baku will become the center of the world and will receiveabout 70,000–80,000 foreign guests.
The United Nations Framework Convention on Climate Change is anagreement signed at the Earth Summit in Rio de Janeiro in June 1992to prevent dangerous human interference with the climate system COP-the Conference of the Parties-is the highest legislativebody overseeing the implementation of the Framework Convention onClimate Change. There are 198 countries that are parties to theConvention. Unless the parties agree otherwise, the COP is heldannually. The first COP event took place in March 1995 in Germany'sBerlin, and its secretariat is located in Bonn.
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