“Annual investment in electricity grids should reach $600 billion by 2030,” Representative of the President of Azerbaijan on Climate Issues Mukhtar Babayev said during a panel discussion on “The role of sustainable energy centers in promoting climate resilience, innovation and energy transitions,” APA reports.
He said that by 2030, annual investment in electricity grids alone will need to increase from approximately $400 billion to $600 billion: “Countries must simultaneously ensure energy security, energy accessibility and affordability. There is no single roadmap that applies to all countries. Our region includes countries with different energy systems, economic structures, and development needs. That is precisely why regional cooperation is of great importance.”
He noted that more than 55% of the world’s population lives in cities: “By 2050, approximately 70% of the world’s population is expected to live in urban areas. Cities consume approximately 75% of global energy. Imagine, just 2% of the land, but cities account for 75% of energy consumption. Countries can respond to these issues individually. However, sharing solutions, experience, and technologies across the region can bring great benefits. This can help countries move forward faster, reduce costs and prevent the same mistakes from being repeated."
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