Azerbaijan Sets Green Energy Export To Europe As Major Goal
Date
8/12/2024 7:31:17 PM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, August 12. The United Nations
Climate Change conference (COP29), hosted by Azerbaijan, is
actively facilitating discussions among countries on strategies to
mitigate climate change and adapt to current conditions.
Representatives from nearly every nation gather annually to foster
global cooperation and develop binding commitments and frameworks
to reduce greenhouse gas emissions.
Under President Ilham Aliyev's leadership, Azerbaijan's
transition to green energy and its ongoing projects highlight the
country's success in executing global investment initiatives amidst
global military, political, and economic turmoil. The new water,
wind, and solar power plants are crucial for addressing
Azerbaijan's growing energy needs and enhancing its capacity to
export green energy.
The global interest in these projects underscores Azerbaijan's
significant potential in alternative and renewable energy
production. Azerbaijan aims to become a key supplier of electricity
to Europe by increasing investments in this sector.
Recent large-scale investments from UAE's Masdar Company and
Saudi Arabian ACWA Power reflect Azerbaijan's favorable investment
climate. These investments, totaling over $500 million, include the
240 MW Khizi-Absheron and 230 MW Garadagh wind power plants, which
are the first foreign-invested energy projects in Azerbaijan.
The operation of these plants is expected to produce 1.5 billion
kWh of electricity annually, save more than 330 million m3 of
natural gas, and prevent over 600,000 tons of carbon dioxide
emissions.
Experts estimate that Azerbaijan has more than 27 gigawatts of
wind and solar energy potential on land and 157 gigawatts of wind
energy potential in the Caspian Sea. In Karabakh and Zangezur, the
combined wind, solar, and hydropower potential exceeds 10
gigawatts. Effective utilization of these resources will
significantly meet Azerbaijan's growing electricity demand while
supporting its territorial integrity and sovereignty.
By focusing on alternative energy production, Azerbaijan aims to
reduce reliance on fuel oil and natural gas for thermal power
plants, thereby increasing its ability to export more oil and gas
to Europe and boosting its revenues.
Media Analysis Center (MTM)
MENAFN12082024000187011040ID1108546816
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.