Azerbaijan's Green Energy Leap: Economic Opportunities, Global Impact, And Paths To Peace

(MENAFN- AzerNews) Nazrin Abdul Read more

As the world faces escalating climate challenges, the spotlight is increasingly turning toward nations that are leading the charge in the transition to sustainable energy. Among them, Azerbaijan is emerging as a significant player on the global stage. As the energy sector contributes to nearly three-quarters of human-caused greenhouse gas emissions, transitioning to clean, renewable energy sources is essential for addressing the climate crisis. This shift not only mitigates climate change but also offers significant economic opportunities, potentially generating millions of jobs and fostering universal energy access. Such advancements are crucial for achieving a range of Sustainable Development Goals, including health, inequality reduction, and economic growth.

We stand on the brink of an energy revolution, with governments worldwide assessing how to harness these opportunities effectively. Central to this transformation is facilitating large-scale investments in clean energy, which are essential for a just transition.

What is renewable energy?

Renewable energy comes from natural sources that replenish themselves over a short period relative to a human lifetime, ensuring they are not depleted by our use. Unlike finite resources, these renewable sources-such as sunlight, wind, rain, tides, waves, biomass, and geothermal heat from the Earth's crust-are abundant and consistently available across the globe.

Not only are renewable energy sources inexhaustible, but they also produce significantly fewer greenhouse gases and have a lower environmental impact compared to traditional fossil fuels. Additionally, renewable energy can be converted into various other energy carriers, such as hydrogen, further expanding its utility.

In contrast, fossil fuels-oil, coal, and natural gas-are consumed faster than they can naturally replenish. Their extraction and use contribute to greenhouse gas emissions and environmental pollution, which pose serious threats to both the planet and human health.

Global momentum for climate action

Encouragingly, energy has become a top priority in many countries' climate action plans, with substantial momentum for further action. Approximately 95% of Nationally Determined Contributions (NDCs) from Climate Promise countries now feature dedicated sections on energy targets or policies, with 34% incorporating gender considerations. These nations are focusing not only on energy transition but also on enhancing energy access and resilience as part of their climate strategies.

UNDP is intensifying its efforts to support these countries in achieving their clean energy goals. The organization has committed to mobilizing the UN system, governments, businesses, civil society, and financial institutions to provide clean, affordable, and reliable energy to 500 million people by 2025. This collective effort is crucial for advancing the global energy transition and achieving sustainable development.

Azerbaijan's role and commitment

Azerbaijan is increasingly gaining international recognition for its proactive stance on climate change. The country has prioritized this critical issue and demonstrated a strong commitment to its environmental obligations through significant actions and initiatives.

In November of this year, Azerbaijan will host one of the United Nations' most prominent events-the 29th session of the Conference of the Parties to the Framework Convention on Climate Change (COP29). The declaration of 2024 as the "Year of Solidarity for the Green World" further underscores Azerbaijan's determination to combat global climate change.

A testament to Azerbaijan's dedication to the green agenda is its ambitious plan to operationalize nine solar and wind power plants by the end of 2027, with a combined capacity of 2 gigawatts. Additionally, by 2030, the country aims to develop another 10 wind and solar power plants, potentially adding up to 5 gigawatts to its renewable energy portfolio. These efforts highlight Azerbaijan's commitment to sustainable energy solutions and its active role in addressing climate challenges on a global scale.

The significance of climate finance

In an interview with Turkiye's Anadolu Agency on August 21, Elnur Sultanov, Deputy Minister of Energy of Azerbaijan and Secretary General of COP29, emphasized the critical importance of COP29, highlighting that it will address national, regional, and global issues, with a primary focus on climate finance.

Sultanov stressed that a key agenda item for COP29 will be securing increased financial support from developed nations for developing countries. He noted, "Africa, despite contributing only about 4 percent of global greenhouse gas emissions, is the most severely impacted by climate change. It is crucial that financial aid is directed toward these developing nations to help reduce greenhouse gas emissions and mitigate the effects of climate change. Currently, climate financing stands at approximately $100 billion, and there are serious discussions underway to increase this amount. We hope to reach a resolution on this issue at COP29."

Azerbaijan's commitment to peace and cooperation

Sultanov also highlighted Azerbaijan's commitment to fostering peace and cooperation in the context of climate change. He revealed that Azerbaijan has extended an invitation to Armenia to participate in COP29, reflecting the country's broader diplomatic approach.

With preparations underway to welcome around 80,000 international guests, including over 50 heads of state and government, Azerbaijan is poised to host a significant global event. The number of participants is expected to grow, showcasing Azerbaijan's role as a key player in global climate dialogue.

The decision to hold COP29 in Azerbaijan was made during the COP28 plenary session in Dubai on December 11 of last year. As Baku prepares to become the epicenter of climate discussions for two weeks, it is anticipated to host between 70,000 and 80,000 international attendees, underscoring its prominent role in the global climate agenda.

As the world grapples with the urgent need to address climate change, Azerbaijan is positioning itself as a leader in the global effort to transition to renewable energy and combat environmental challenges. By hosting COP29 and demonstrating a strong commitment to sustainable development and climate finance, Azerbaijan is not only fulfilling its environmental responsibilities but also contributing significantly to global climate solutions. The upcoming COP29 promises to be a pivotal moment in advancing climate action, with Azerbaijan playing a central role in shaping the future of global climate policy.

MENAFN22082024000195011045ID1108587878