Azerbaijan’s policy to achieve energy security, stability and development in the region through the oil and gas resources of the Caspian 30 years ago has reached a new level with the attraction of huge renewable energy potential today. This was stated by Energy Minister Parviz Shahbazov, during the 29th Baku Energy Forum held within the Baku Energy Week.
It was noted that as a traditional energy supplier and host country of COP29, Azerbaijan is developing all types of energy resources with the responsibility of ensuring reliability in energy supply, as well as reducing emissions and transitioning to green energy. This approach to conventional and clean energy sources is also an important prerequisite for a fair, orderly and responsible transition highlighted in the COP28 consensus.
The Minister noted that Azerbaijan is committed to supplying its partners with gas today, despite restrictions on fossil fuel financing in the world and the absence of guarantees for long-term demand and half of the 24.3 billion cubic metres (bcm) of gas exports planned this year will be supplied to Europe.
The Energy Minister said that this decade will be marked by the regional leadership of Azerbaijan in the transition to green energy based on the views and initiatives of President Ilham Aliyev on the implementation of green energy and climate goals and the creation of synergy between traditional and renewable energies. It was noted that in addition to 1,000 megawatts (MW) solar-wind power plants with an investment value of nearly 1 billion US dollars, two more solar plants will be laid in East Zangazur with bp and Nobel Energy in the near future and the result of the first auction on 100 MW Gobustan Solar Power Plant will be announced during COP.
“By the end of 2027, the share of renewable energy in the installed capacity of electricity at the expense of green power to 2 gigawatts (GW), which will be realised, will rise to 33 per cent,” the Minister added. “Investments of more than 2 billion US dollars, electricity generation of 5.3 billion kilowatt-hours (kWh), release of 1.2 bcm of gas, reduction of emissions up to 2.5 million tons are the expected benefits of these projects.”
It was also noted that, along with decarbonisation, the approach to the development of renewable energy in the context of post-conflict construction and diversification of energy supply sources brings Azerbaijan to the forefront today with the initiatives of green energy zones and green energy corridors. The speech spoke about the steps taken to create the green energy corridors Caspian-Black Sea-Europe, Azerbaijan-Türkiye-Europe and Central Asia-Azerbaijan-Europe. It was noted that Azerbaijan will play an important role in the establishment of regional green energy links, as well as diversify the energy supply of Europe at this new stage with large volumes of natural gas freed up by renewable energy in addition to green energy, hydrogen.