Minister of Energy of the Republic of Azerbaijan Parviz Shahbazov spoke at the High-Level Plenary Session on Tripling of Renewables, within the framework of the 14th session of the IRENA Assembly in Abu Dhabi, Ministry of Energy told APA.
During the speech, Azerbaijan's joining the Global Promise on Renewable Energy and Energy Efficiency was assessed in the context of the country's commitment to the green energy transition. It was also noted that COP29 provided an opportunity to advance achievements in developing renewable energy in Azerbaijan.
It was stated that COP29 will be an important platform in mobilizing efforts to adopt new global collective financial goals: "Finance is one of the most important conditions to triple the Renewable Energy potential by 2030. Investments should be directed towards the creation of production capacities, integration into the energy system, increasing the power of the grid, modernization, and establishing interconnectors and energy storage systems between countries," the minister added.
Noting that Azerbaijan will be a country contributing to the increase of Renewable Energy potential by 2030 both at the national and regional levels, the minister stated that
Azerbaijan will be a country contributing to the increase of recovered energy potential by 2030 at the national and regional levels, the minister spoke about the projects related to the supply of green energy which is a significant component of energy partnership with the European Union. It was mentioned that within the regional context, the tripling increase in renewable energy holds strategic importance. The Caspian-Black Sea-Europe green energy corridor, whose technical and economic rationale will be ready by the end of the year, will transform Azerbaijan into one of the leading countries in regional integration in the field of renewable energy.
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