SOCAR Green Eyes Global Financial Backing As Key Fuel For Energy Transition - CEO

(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 30.​ Azerbaijan's energy transition faces major challenges, particularly in optimizing the power grid, Elmir Musayev, CEO of SOCAR Green, said at the Baku Climate Action Week (BCAW2025), Trend reports.

Musayev emphasized that collaboration with grid operators, institutions, and various partners is crucial to improving efficiency.

He explained that grid solutions include mini-grids, decentralized systems, energy storage technologies such as hydro-accumulation, battery-based storage systems, and emerging battery technologies.

"Energy technologies are advancing rapidly. Where we once focused on lithium batteries, we now discuss vanadium-based batteries. We monitor these technologies closely to determine which can be implemented in Azerbaijan to optimize the grid and integrate more renewable energy," he said.

The official also stressed that financing remains a critical factor.

"Funding these projects is essential. At COP29, finance was one of the key topics discussed. As a company representing both investment and project sides, I believe more work is needed in this area. International financial institutions are particularly important, as their support can make financing more efficient, beneficial, and free from excessive bureaucracy," he added.

Finally, Musayev highlighted human capital development as a top priority.

"For us, human capital may be the most crucial issue. It's not just about training engineers for future generations. Broader industry awareness is equally important. Everyone must understand the significance of this topic and take proactive steps. It goes beyond engineering or financial knowledge; it's about collective understanding and action," the official concluded.

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