2 weeks Ago By [email protected] (MENAFN)
( MENAFN - Trend News Agency) BAKU, Azerbaijan , December 9. Azerbaijan's hosting of COP29 has positioned the country as a keyplayer in the global transition to green energy. Through strategicpartnerships and a strong commitment to renewables, Azerbaijan islooking to expand its green energy sector while simultaneouslydeepening its economic ties with major international players in thefield.
Azerbaijan's greenenergy ambitions Azerbaijan has long been a key energy producer in the region,but its focus is increasingly shifting toward sustainablealternatives. With abundant renewable resources, particularly insolar and wind energy, the country has the potential to generateover 27 GW of electricity from renewables. The government has set atarget to achieve 30% of its electricity from renewable sources by2030, aligning with global climate goals.
Recent collaborations with Masdar, a prominent renewable energycompany, have led to the launch of significant projects. Theseinclude the 445 MW Bilasuvar solar PV project, the 315 MW NeftchalaSolar PV Project, and the 240 MW Absheron-Garadagh onshore windproject. Combined, these initiatives aim to generate approximately2.
3 billion kWh annually, save over 500 million cubic meters ofnatural gas, and reduce carbon emissions by more than 1 milliontons. Additionally, Masdar inaugurated Azerbaijan's firstutility-scale solar project, the 230 MW Garadagh solar plant, inOctober 2023. The project is expected to produce 500 million kWh ofelectricity per year, supporting Azerbaijan's energy transitiongoals.
These initiatives are supported by international funding fromthe European Bank for Reconstruction and Development, the AsianDevelopment Bank, and the Asian Infrastructure Investment Bank. Theprojects are part of Azerbaijan's broader strategy to positionitself as a regional leader in green energy. Moreover, the green energy corridor initiative, which connectsAzerbaijan with Hungary, Romania, Bulgaria, and Georgia,demonstrates the country's commitment to linking its renewableresources to European markets, reinforcing its position as aregional leader in green energy.
The COP29 summit also provided a platform for Azerbaijan,Uzbekistan, and Kazakhstan to solidify their collaboration on agreen energy transit initiative. The three countries signed astrategic partnership agreement focused on developing andtransmitting renewable energy. This initiative aims to supply cleanenergy to European and global markets while fostering projects insustainable hydrogen and ammonia production.
A key component ofthis collaboration is the exploration of a Black Sea submarinepower cable, connecting the Caspian and Black Seas into a unifiedgreen energy corridor. This tri-national effort not only reflects a regional commitmentto the green transition but also opens avenues for broaderinternational investment in sustainable energy infrastructure,leveraging the strategic importance of the Middle Corridor forglobal trade and energy flow. International partnerships:finance andtechnology Azerbaijan's engagement at COP29 brought global recognition forits leadership in fostering international collaborations on greenenergy.
In a recent interview with Trend , President of the Republic of Palau,Surangel Samuel Whipps, congratulated Azerbaijan for hosting theconference, emphasizing the importance of climate finance. "It created an opportunity for the world to come together. Itwas a finance COP, it was about raising funds, finally, to getthings done.
[...
] What's most important is that we made progress. Iwant to congratulate the COP29 presidency for being able to delivera finance COP and providing finance. We need to continue to focuson climate finance.
I think the $300 billion is a big step, and weneed to recognize that more is needed. We need to continue to beambitious, and to work together with all parties to continue toadvance in these areas," Whipps said. Azerbaijan's role in facilitating the conversation aroundclimate finance was praised by other international figures.
AlkisVryenios Drakinos, Regional Head of the Caucasus for the EuropeanBank for Reconstruction and Development (EBRD), expressed pride inAzerbaijan's achievements. "We are particularly pleased and proud of Azerbaijan for hostingthis event," Drakinos said. "I must say that the organization ofthis COP has been exceptionally smooth, and I extend mycongratulations to the organizing committee.
Hosting an event ofthis scale is a significant achievement on the global stage, andit's something Azerbaijan can take great pride in". In addition to financial investments, Azerbaijan is keen oncollaborating with technologically advanced countries to transferexpertise and green technologies. The establishment of repair andmaintenance facilities for high-tech energy equipment in Azerbaijanis part of a broader strategy to strengthen local capabilities.
Azerbaijan is also focused on developing its workforce, planning tocreate specialized educational programs to train the nextgeneration of green energy professionals. Azerbaijan's vision for thefuture Looking ahead, Azerbaijan's hosting of COP29 serves as aspringboard for future green energy developments. By tapping intoglobal financial and technological resources, Azerbaijan aims tonot only diversify its energy sources but also create jobs, fosterinnovation, and enhance the overall economy.
The event alsounderscored the need for continued international collaboration inaddressing the challenges of climate change, and Azerbaijan ispoised to be at the forefront of this global effort. The deepening of Azerbaijan's ties with international greenenergy leaders through COP29 is just the beginning. Vice-Chancellorof the Federal Republic of Germany, Robert Habeck, emphasized thesignificance of the COP29 discussions in broadening the scope ofenergy transitions.
"The innovation here is that COP has traditionally focused onthe green transition of the energy market and energy systems. Now,we're expanding the conversation to include entire industries. Ifyou look at the evolution of COP, we've come a long way-frominitial discussions to now addressing the greening of materialslike steel, concrete, and cement, and setting standards forthem".
Azerbaijan's leadership in hosting this historic event and itsongoing commitment to the green energy transition are sure to havelasting impacts, further positioning the country as a pivotalplayer 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.
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