Azerbaijan, UAE Strengthen Strategic Partnership With Focus On Green Energy

(MENAFN- AzerNews) Nazrin Abdul Read more

Azerbaijan and the UAE continue to enhance their relationship, grounded in mutual friendship and respect. Shared values and a foundation of trust underpin their strategic partnership, aligning their common objectives. Following the UAE's successful hosting of COP28 last year, Azerbaijan is set to assume the chairmanship of COP29 this year. Despite both nations being prominent oil and gas producers, they are dedicated to advancing "green" initiatives and investing in renewable energy.

On August 1, a meeting was held in Shusha between Mikayil Jabbarov, Azerbaijan's Minister of Economy and Co-Chairman of the Joint Intergovernmental Commission on Economic, Trade, and Technical Cooperation with the UAE, and Abdulla Bin Toug Al Marri, the UAE Minister of Economy and Co-Chairman of the Commission.

During the meeting, the crucial role of political will from the heads of state of both countries in advancing cooperation was emphasized. It was noted that mutual visits and discussions play a significant role in identifying new directions for relations. The activities of the Joint Intergovernmental Commission, which held its 9th meeting in Shusha, the Trade Representation of Azerbaijan in the UAE, and the Azerbaijan Trade House in Dubai are pivotal for enhancing business relations.

The meeting highlighted the substantial potential for further cooperation, emphasizing the need to increase the volume of mutual trade and diversify its structure. Discussions also covered potential investment projects in green energy and tourism, as well as negotiations on the Comprehensive Economic Partnership Agreement between Azerbaijan and the UAE. Subsequently, the 9th meeting of the Joint Intergovernmental Commission on Economic, Trade, and Technical Cooperation between the governments of Azerbaijan and the UAE took place.

Minister Mikayil Jabbarov remarked that the partnership between Azerbaijan and the UAE has advanced successfully in both governmental and business sectors, with increased trade turnover and positive outcomes from joint initiatives. He outlined the favorable business and investment environment in Azerbaijan, including industrial zones and the Alat Free Economic Zone, and invited UAE investors to leverage these opportunities.

UAE Minister Abdulla Bin Toug Al Marri expressed satisfaction with his visit and the organization of the commission's meeting in Shusha. He noted Azerbaijan's significant development and the successful implementation of major energy, transport, and logistics projects. He expressed confidence that ongoing efforts to strengthen multi-sectoral cooperation would foster new joint projects and enhance economic and trade relations.

The parties discussed enhancing the partnership, implementing joint initiatives in green energy and other sectors, and exploring potential cooperation within COP29. They signed a Protocol outlining the results of the 9th meeting of the Joint Intergovernmental Commission, which included plans for expanded cooperation in trade and investment, support for SMEs, innovation and digitalization, energy (including green energy), industry, agriculture, food safety, environment, reclamation and water management, transport and logistics, communication and high technologies, science and education, tourism, healthcare, and culture.

Azerbaijan's evolving energy policy, which leverages its rich alternative energy resources, increasingly focuses on the development of green energy. Significant collaborative projects between Azerbaijan and the UAE underscore this shift.

In recent years, substantial investments have been directed towards the creation and enhancement of energy infrastructure, with a notable surge in interest in alternative energy sectors. A key milestone was the commencement of operations at the Garadag Solar Power Station (GES) last year, marking the beginning of a new era in Azerbaijan's energy landscape. This station represents the first major foreign-invested energy project in the country, developed in partnership with the UAE's prestigious "Masdar" company.

The Garadag Solar Power Plant, officially inaugurated on October 26, 2023, stands as the largest solar power facility in the Caspian region and the CIS. The plant, constructed with a foreign investment of $262 million, has a capacity of 230 MW. It is expected to produce 500 million kilowatt-hours of electricity annually, thereby saving 110 million cubic meters of natural gas and reducing carbon emissions by 200,000 tons.

This transition to green energy reflects Azerbaijan's commitment to its environmental obligations, including a target to cut greenhouse gas emissions by 40 percent by 2050 and to establish a zero-emission zone in liberated territories. These initiatives are aligned with the strategic framework outlined in "Azerbaijan 2030: National Priorities of Socio-Economic Development," which was adopted in February 2021. Among its five national priorities, the focus on a clean environment and green growth sets ambitious goals, and Azerbaijan is making significant progress towards achieving these objectives.

In conclusion, the deepening partnership between Azerbaijan and the UAE exemplifies a robust and evolving strategic relationship built on mutual respect and shared values. Both nations, despite their traditional reliance on oil and gas, are demonstrating a strong commitment to advancing green energy and renewable technologies. The recent meeting in Shusha underscored the importance of political will and collaborative efforts in identifying and pursuing new opportunities for bilateral cooperation.

The ongoing initiatives, including the groundbreaking Garadag Solar Power Station, highlight Azerbaijan's dedication to transitioning towards a sustainable energy future and meeting its environmental commitments. The protocol signed during the 9th Joint Intergovernmental Commission meeting further solidifies the commitment to expanding cooperation across various sectors. As Azerbaijan prepares to chair COP29, the continued partnership with the UAE promises to drive forward significant advancements in green energy, economic diversification, and mutual growth.

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