ADB To Allocate Grant To Support Azerbaijan, Uzbekistan, And Kazakhstan For Green Corridor Project - Minister

11/15/2024 2:11:18 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 15. I would like to express my gratitude to the Asian Development bank (ADB) for its decision to allocate a $225,000 grant to support consulting services for the Green Corridor project, including the preparation of a feasibility study and assistance in launching a joint venture, said Azerbaijan's energy Minister Parviz Shahbazov during the Ministerial Dialogue on Promoting Energy Transition Based on Renewable Energy Sources in Central Asia, Trend reports.

“Just two days ago, an intergovernmental agreement on strategic partnership in the field of development and transmission of green energy between Azerbaijan, Kazakhstan, and Uzbekistan was signed at the highest level within COP29,” he said.

The minister noted that a document was also signed to consolidate the role of Saudi Arabia as a key partner in this trilateral project. This development is an important strategic step that will give significant impetus to international energy cooperation and environmental investments to transform the region into a single geo-economic space with a focus on building and strengthening strategic partnerships between countries.

“Great importance is attached to enhancing cooperation in the field of renewable energy. This agreement, which testifies to brotherly, friendly, and strategic ties between Azerbaijan and Central Asian countries, including Kazakhstan and Uzbekistan, lays a solid foundation for creating a green energy corridor, developing integrated electricity markets in the region, and promoting renewable energy exports to other regions,” Shahbazov emphasized.

According to him, the signing of a shareholder agreement by the national energy companies and the establishment of a joint venture will be the key stages for the successful implementation of the project. Currently, after the establishment of the joint venture, it is planned to start work on a feasibility study of the integration of energy systems of Azerbaijan, Kazakhstan, and Uzbekistan. The consulting company CESI has been involved in the project.

“I would also like to add that this project is not really limited to Azerbaijan, Kazakhstan, and Uzbekistan. Other Central Asian countries, especially Kyrgyzstan and Tajikistan with their vast hydro resources, may join this project in the future, and they will certainly add value to it with their hydro resources that will be used to balance variable renewable energy sources,” he added.

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