Azerbaijan's Energy Minister Outlines Country's Green Projects' Role For EU
Date
9/24/2024 9:19:16 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, September 24. Green energy
corridor“Caspian-Azerbaijan-Black Sea-EU” has been assessed as a
project of strategic interest for the EU in the context of plans to
import hydrogen and energy security, Azerbaijani Energy Minister
Parviz Shahbazov said, Trend reports
He made the announcement at a panel session "Investment and
Global Cooperation" at the "Wind Energy Hamburg" conference in
Germany.
“Demand for electricity in the EU will increase by 50 percent by
2040, and the green energy corridor 'Caspian-Azerbaijan-Black
Sea-EU' is assessed as a project of strategic interest for the
European Union,” the minister noted.
According to him, wide opportunities are opening up for
Azerbaijan's cooperation with the European Wind Energy Association
and German companies, in particular on the production of equipment
for offshore wind farms, hydrogen, energy storage systems, and the
project of a green energy corridor.
Shahbazov recalled that Azerbaijan's wind energy potential in
the Caspian Sea is estimated at 157 GW.
“Azerbaijan is a country that successfully provides and promotes
investments and global cooperation in the field of renewable energy
in the region. Thanks to a favorable investment policy, our 2 GW
green energy projects are financed by international investors. With
investments of around $2 billion and our partnership with leading
global energy companies, we are on track to increase the share of
renewable energy in installed capacity to 33 percent by 2027,” the
Minister pointed out.
He added that the EBRD and the World Bank will help with the
timely integration of electricity from renewable energy into the
power grid.
The Minister underlined that the country can produce up to 18 GW
of green energy (in stages) until 2037, the possibility of
producing green hydrogen and green ammonia is being studied.
“Azerbaijan's activities in the field of Eurasian-scale green
energy have shaped COP29 energy initiatives aimed at removing
bottlenecks to achieve net zero in the world,” he emphasized.
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