Azerbaijan's Baku Hosts 12Th International Caspian Energy Forum (PHOTO) (UPDATE)

(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 18. The 12th International Caspian energy Forum, organized by the Caspian Energy Club, has taken place in Baku, Trend reports.

The speakers included Azerbaijan's Deputy Energy Minister Orkhan Zeynalov, Deputy Minister of Ecology and Natural Resources Umayra Taghiyeva, Head of Azerbaijan renewable Energy Agency Javid Abdullayev, and representatives of Masdar, Acwa Power, and State Oil Company of Azerbaijan (SOCAR).

As mentioned by Head of Caspian Energy Group Telman Aliyev, a key theme of the event is green energy.

He pointed out the importance of holding the forum in anticipation of the 30th anniversary of the "Contract of the Century", considering the shift towards green energy.

Aliyev said that topics of discussion include the sustainable transportation of green energy from Azerbaijan to Europe, the transition of Middle Corridor countries to a green economy, and "Green Karabakh".

According to him, the goal of the forum is to highlight sustainable development processes in the region and the positive outcomes of reforms in the economies of Middle Corridor countries aimed at developing the concept of a 'green world', as well as to attract investors to 'green' projects in the region and promote these projects, both in the public and private sectors.

"The forum involves over 500 delegates, including leaders of government institutions, multinational companies, international financial institutions, leading analytical centers, investment companies, and rating agencies from the Caspian-Black Sea and Baltic regions, as well as accredited representatives of diplomatic and international missions in Azerbaijan," Aliyev added.

The EU Commissioner for Neighborhood and Enlargement Olivér Várhelyi said in his online address to the participants of the 12th Caspian Energy Forum that the EU will provide financial and technical support for the implementation of projects of green energy corridors from the South Caucasus and Central Asia.

The European Commissioner noted the important role of the South Caucasus and Central Asia region in the implementation of energy and transport corridors of key importance for the EU.

“The EU will provide financial and technical support for the implementation of projects of green energy corridors from these regions, as well as the implementation of the Middle Corridor within the framework of the EU TEN-T strategy,” he said.

He emphasized the importance of increasing the supply of Azerbaijani gas to Europe, taking into account the reduction of gas supplies from Russia.

Várhelyi expressed high expectations related to COP29 in Baku in November, as this climate summit will help make progress on clean renewable energy projects.

Deputy Energy Minister Orkhan Zeynalov noted that Azerbaijan will have a possible potential of seven GW of green energy by 2030 for transmission to the country's energy grid and export of green energy.

Of this volume of green energy, the country's power grid will be ready to accept two GW.

“Out of the mentioned volume, four GW are intended for export of green energy to the EU. We also notice the export of one GW from the Nakhchivan Autonomous Republic through Türkiye to the EU,” Zeynalov said.

According to him, by 2030 the share of renewable energy sources in the total energy balance of Azerbaijan may reach 35 percent.

Furthermore, he pointed out that Azerbaijan's Ministry of Energy is actively working on preparations for COP29, collaborating with partners on two main areas of focus.

"The first area is related to energy initiatives on the agenda of the COP29 presidency, while the second concerns energy events that will be organized within the framework of COP29 and pre-COP," Zeynalov explained.

He noted that Azerbaijan plans to implement three global energy initiatives at COP29, which include green corridors, energy storage, and energy networks, as well as a global hydrogen declaration.

The deputy minister mentioned that the ministry aims to conduct a total of 15 events during COP29.

As Co-Chair of the Global Initiative Group of the COP29 Action Program, Elmar Mammadov, said, Azerbaijan has introduced 14 global initiatives for the upcoming COP29.

“Azerbaijan has proposed 14 global initiatives within COP29. In preparing these initiatives, we considered five fundamental principles. First, we aimed to find a balance between key areas of the climate agenda, including financing. The second principle involves analyzing the balance between raising ambitions and pragmatism,” he stated.

According to him, the third principle is based on balancing economic, social, and environmental goals of sustainable development.

“The fourth principle indicates that our initiatives address not only global but also regional issues. The fifth principle ensures harmony between people and nature,” Mammadov emphasized.

The forum has been followed by the first gas forum.

MENAFN18092024000187011040ID1108688106