(MENAFN- Trend News Agency)
BAKU, Azerbaijan, July 23. Azerbaijan will host
the 2024 United Nations Climate Change conference or Conference of
the Parties of the UNFCCC (COP29) in November 2024, which presents
an opportunity to showcase the country's leadership in renewable
energy and climate change, reads the 2024 investment Climate
Statements of the US Department of State on Azerbaijan, Trend
reports.
The report says Azerbaijan has great potential for wind and
solar energy development, both onshore and offshore.
“The government of Azerbaijan aims for renewables to be 30
percent of its total installed electricity capacity by 2030. The
focus is on solar, wind, and hydropower plants, with foreign
investors playing a crucial role in project implementation.
Azerbaijan inaugurated a 230 megawatt solar power plant in October
2023 and is actively working toward building a green energy
corridor from the Caspian Sea to Europe. Competition in the
renewable energy sector could drive positive developments,
including increased investment, innovation, and socioeconomic
benefit,” reads the report.
As for traditional energy sector, the State Department recalls
that in June 2022, Azerbaijan and the European Commission signed a
memorandum of understanding to double Azerbaijan's gas exports to
Europe by 2027.
“By 2027, Azerbaijan plans to increase its gas transportation
through the Trans Adriatic Pipeline (TAP) to 20 billion cubic
meters per annum. Azerbaijan supplied 11.8 billion cubic meters of
gas to Europe in 2023. Europe buys almost half of Azerbaijani gas
exports,” reads the report.
The US State Department points out that while the oil and gas
sector has historically attracted the largest share of foreign
investment, the Azerbaijani government has targeted four non-oil
sectors to diversify the economy: agriculture, tourism, information
and communications technology (ICT), and
transportation/logistics.
“The Azerbaijani government and third-party analysts expect
Azerbaijan to continue to leverage its geographically significant
position on the multimodal east-west Trans-Caspian International
Transport Route, also known as the Middle Corridor, an alternative
trade route that avoids Russia. The Middle Corridor links the
containerized rail freight networks of China and the European Union
through Central Asia, the Caucasus, Türkiye, and Eastern Europe.
Azerbaijan is investing in its rail system and has expanded its
port facilities to handle the increased cargo flow,” reads the
report.
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