(MENAFN- Trend News Agency)
BAKU, Azerbaijan , December 9.
Azerbaijan's hosting of COP29 has positioned the country as a key
player in the global transition to green energy. Through strategic
partnerships and a strong commitment to renewables, Azerbaijan is
looking to expand its green energy sector while simultaneously
deepening its economic ties with major international players in the
field.
Azerbaijan's green
energy ambitions
Azerbaijan has long been a key energy producer in the region,
but its focus is increasingly shifting toward sustainable
alternatives. With abundant renewable resources, particularly in
solar and wind energy, the country has the potential to generate
over 27 GW of electricity from renewables. The government has set a
target to achieve 30% of its electricity from renewable sources by
2030, aligning with global climate goals.
Recent collaborations with Masdar, a prominent renewable energy
company, have led to the launch of significant projects. These
include the 445 MW Bilasuvar solar PV project, the 315 MW Neftchala
Solar PV Project, and the 240 MW Absheron-Garadagh onshore wind
project. Combined, these initiatives aim to generate approximately
2.3 billion kWh annually, save over 500 million cubic meters of
natural gas, and reduce carbon emissions by more than 1 million
tons.
Additionally, Masdar inaugurated Azerbaijan's first
utility-scale solar project, the 230 MW Garadagh solar plant, in
October 2023. The project is expected to produce 500 million kWh of
electricity per year, supporting Azerbaijan's energy transition
goals.
These initiatives are supported by international funding from
the European Bank for Reconstruction and Development, the Asian
Development Bank, and the Asian Infrastructure Investment Bank. The
projects are part of Azerbaijan's broader strategy to position
itself as a regional leader in green energy.
Moreover, the green energy corridor initiative, which connects
Azerbaijan with Hungary, Romania, Bulgaria, and Georgia,
demonstrates the country's commitment to linking its renewable
resources to European markets, reinforcing its position as a
regional leader in green energy.
The COP29 summit also provided a platform for Azerbaijan,
Uzbekistan, and Kazakhstan to solidify their collaboration on a
green energy transit initiative. The three countries signed a
strategic partnership agreement focused on developing and
transmitting renewable energy. This initiative aims to supply clean
energy to European and global markets while fostering projects in
sustainable hydrogen and ammonia production. A key component of
this collaboration is the exploration of a Black Sea submarine
power cable, connecting the Caspian and Black Seas into a unified
green energy corridor.
This tri-national effort not only reflects a regional commitment
to the green transition but also opens avenues for broader
international investment in sustainable energy infrastructure,
leveraging the strategic importance of the Middle Corridor for
global trade and energy flow.
International partnerships:
finance and
technology
Azerbaijan's engagement at COP29 brought global recognition for
its leadership in fostering international collaborations on green
energy. In a recent interview with Trend , President of the Republic of Palau,
Surangel Samuel Whipps, congratulated Azerbaijan for hosting the
conference, emphasizing the importance of climate finance.
"It created an opportunity for the world to come together. It
was a finance COP, it was about raising funds, finally, to get
things done. [...] What's most important is that we made progress. I
want to congratulate the COP29 presidency for being able to deliver
a finance COP and providing finance. We need to continue to focus
on climate finance. I think the $300 billion is a big step, and we
need to recognize that more is needed. We need to continue to be
ambitious, and to work together with all parties to continue to
advance in these areas," Whipps said.
Azerbaijan's role in facilitating the conversation around
climate finance was praised by other international figures. Alkis
Vryenios Drakinos, Regional Head of the Caucasus for the European
Bank for Reconstruction and Development (EBRD), expressed pride in
Azerbaijan's achievements.
"We are particularly pleased and proud of Azerbaijan for hosting
this event," Drakinos said. "I must say that the organization of
this COP has been exceptionally smooth, and I extend my
congratulations to the organizing committee. Hosting an event of
this scale is a significant achievement on the global stage, and
it's something Azerbaijan can take great pride in".
In addition to financial investments, Azerbaijan is keen on
collaborating with technologically advanced countries to transfer
expertise and green technologies. The establishment of repair and
maintenance facilities for high-tech energy equipment in Azerbaijan
is part of a broader strategy to strengthen local capabilities.
Azerbaijan is also focused on developing its workforce, planning to
create specialized educational programs to train the next
generation of green energy professionals.
Azerbaijan's vision for the
future
Looking ahead, Azerbaijan's hosting of COP29 serves as a
springboard for future green energy developments. By tapping into
global financial and technological resources, Azerbaijan aims to
not only diversify its energy sources but also create jobs, foster
innovation, and enhance the overall economy. The event also
underscored the need for continued international collaboration in
addressing the challenges of climate change, and Azerbaijan is
poised to be at the forefront of this global effort.
The deepening of Azerbaijan's ties with international green
energy leaders through COP29 is just the beginning. Vice-Chancellor
of the Federal Republic of Germany, Robert Habeck, emphasized the
significance of the COP29 discussions in broadening the scope of
energy transitions.
"The innovation here is that COP has traditionally focused on
the green transition of the energy market and energy systems. Now,
we're expanding the conversation to include entire industries. If
you look at the evolution of COP, we've come a long way-from
initial discussions to now addressing the greening of materials
like steel, concrete, and cement, and setting standards for
them".
Azerbaijan's leadership in hosting this historic event and its
ongoing commitment to the green energy transition are sure to have
lasting impacts, further positioning the country as a pivotal
player in the global energy landscape.
MENAFN09122024000187011040ID1108970699
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.