Without natural gas, an affordable energy transition will not be possible, SOCAR Vice President Afgan Isayev said during his speech at the 30th Anniversary Baku Energy Forum held in Baku, APA-Economics reports.
According to him, in 2035, SOCAR will become an energy company with a mixed portfolio (including renewable energy - ed.) powered by gas.
"Without gas, we will not be able to ensure a fair, profitable, and most importantly, clean energy transition. This is simply not possible," Afgan Isayev noted.
He said that one of the low-carbon businesses that SOCAR is currently promoting is renewable energy production.
"In March last year, we established SOCAR Green LLC. This is our wholly-owned subsidiary. It is responsible for the development of the renewable energy portfolio in SOCAR," Afgan Isayev emphasized.
According to him, SOCAR Green is actively participating in all the country's efforts to achieve the target of 30% of the share of renewable energy in the installed electricity capacity in Azerbaijan by 2030.
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