(MENAFN- AzerNews)
Akbar Novruz
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The International renewable energy Agency (IRENA), COP29
Presidency, and Ministry of Energy of Azerbaijan announced today
that the first Energy Transition investment Forum for Central Asia
will be hosted in Baku, Azerbaijan, on 15-16 November 2024,
Azernews reports, via the Ministry of Energy's
official website.
The event is strategically aligned with the COP29 priorities and
action agenda outlined by President Designate Mukhtar Babayev in a
recent letter to parties and constituents, focussing on enhancing
ambition and enabling action, with climate finance underscored as a
top priority.
"Central Asia holds tremendous potential for renewable energy
development, yet they face significant challenges in attracting the
necessary investment," said IRENA Director-General Francesco La
Camera. "The COP29 Energy Transition Investment Forum in Baku is
specifically designed to tackle investment barriers, coordinate
action among stakeholders, and bring global exposure to projects
from these region.”
COP29 President-Designate Mukhtar Babayev added:“Azerbaijan is
committed to a green energy transition and there is currently close
cooperation with neighboring countries in Central Asia in the field
of renewable energy. Initiatives such as the recent agreement
between the energy ministers of Azerbaijan, Uzbekistan and
Kazakhstan on the interconnection of electricity systems are
testament to this cooperation. When the world gathers in Baku this
November, we hope that COP29 can serve as a springboard for Central
Asia to progress on a green and just development pathway, aided by
a young population, renewable energy capacity and vibrant
economies, and attract the investment needed to continue on this
path.”
Minister of Energy Parviz Shahbazov stated:“Azerbaijan is
taking crucial steps to realize the initiatives of strategic
importance that enable the development of renewable energy with
regional projects. Interconnection of the energy systems of
Azerbaijan, Kazakhstan, and Uzbekistan and delivering the huge
energy potential of the Central Asian countries to the Turkish and
European markets through green energy corridors is one of our
priorities. We're convinced that the Energy Transition Investment
Forum to be jointly held by IRENA and Azerbaijan during COP29 will
be a productive platform that will strengthen the green energy
partnership with the Central Asian countries, attract investors and
energy companies and facilitate our joint projects.”
The two-day forum will offer a platform for enhanced dialogue
among governments, financial institutions, investors, development
partners, project developers, and other key stakeholders regarding
opportunities and challenges in advancing renewable energy
development and scaling up investments in energy transition-related
technologies to advance the UAE Consensus Outcomes achieved at CoP
28. It will also feature opportunities for bilateral sessions and
an exhibition area showcasing renewable energy projects from the
region to global investors and stakeholders.
IRENA invites project developers from Central Asia to submit
their renewable energy and energy transition projects for potential
matchmaking with investors and financiers at the Investment Forum.
Selected projects may also qualify for consideration by the Climate
Investment Platform (CIP) and IRENA's Energy Transition Accelerator
Financing (ETAF).
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