(MENAFN- Trend News Agency)
BAKU, Azerbaijan, November 12. Azerbaijan,
Uzbekistan, and Kazakhstan are set to sign an intergovernmental
agreement tomorrow to implement the "Green Corridor" project,
Azerbaijan's Deputy Minister of Energy, Orkhan Zeynalov said at a
panel discussion titled "Powering the future: The Mediterranean's
initiative towards 1TW renewable energy by 2030," Trend
reports .
"I believe Central Asia has tremendous potential. We are also
discussing the need to connect these corridors while aligning them
to a single framework in terms of feasibility studies and the
development phases. This is all part of harmonizing the development
of green corridors globally," he said.
Zeynalov also spoke about Azerbaijan's renewable energy goals,
stating that the target of achieving 1 terawatt of renewable energy
by 2030 is ambitious but achievable.
"From Azerbaijan's national strategy perspective, we are focused
on how to achieve the energy transition. At the same time, we are
focused on how COP29 will implement global climate commitments," he
added.
The deputy minister stated that Azerbaijan is targeting a 30
percent share of renewable energy by 2030. With the current pace of
progress, the transition to renewable sources is accelerating, and
the country is on track to reach this goal well ahead of
schedule.
"We are also planning $2.5 billion in investments in renewable
energy projects, such as solar and wind. Just this morning,
together with bp, we laid the foundation for a 240-megawatt solar
project in Jabrayil, which will be used to decarbonize the world's
largest oil and gas terminal, Sangachal. Renewable energy is
already contributing to the decarbonization of the energy sector,
which is a positive step forward," Zeynalov added.
To note, the 29th session of the Conference of the Parties to
the UN Framework Convention on Climate Change (COP29), which will
run until November 22, opened on November 11 at the Baku Olympic
Stadium.
The UN Framework Convention on Climate Change is an agreement
signed at the Rio Earth Summit in June 1992 to prevent dangerous
human interference in the climate system. The acronym COP
(Conference of Parties) stands for“Conference of Parties” and is
the highest legislative body overseeing the implementation of the
Framework Convention on Climate Change.
A total of 198 countries are parties to the Convention. Unless
otherwise decided by the parties, COP is held annually. The first
COP event was held in March 1995 in Berlin, and its secretariat is
located in Bonn.
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