"After Russia's large-scale intervention in Ukraine in 2022, Azerbaijan's strategic importance for Europe has increased, as the country has the potential to act as an alternative gas supplier to Russia," this was stated in the country report of "Fitch Solutions" (FS), a company belonging to "Fitch Group," APA-Economics reports.
It has been noted that at the end of 2022, the European Commission signed a Memorandum of Understanding with Azerbaijan, which aims to double the volume of gas received from the Southern Gas Corridor by 2027. Currently, 10 billion cubic meters (bcm) of gas are supplied to Europe annually through this corridor. In order to increase this volume to 20 bcm, Azerbaijan has had to increase its gas imports from Russia to meet its domestic demand.
"Azerbaijan is taking steps in developing renewable energy projects to diversify its energy exports and increase its influence in the green energy sector. In this regard, holding COP29 in Baku can be seen as an effort to promote Azerbaijan's green energy agenda," the report adds.
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