BAKU, Azerbaijan, November 16. An investment of
$2.8 billion is planned for the renewable energy sector in
Azerbaijan by 2027, the Head of the Renewable Energy Zones
Development Department of Azerbaijan Renewable Energy Agency (AREA)
Fagan Abdurahmanov said during an investment forum on energy
transition for Central Asia at COP29 today, Trend reports.
“Azerbaijan has set ambitious goals, and one of these goals is
to achieve a 30 percent share of renewable energy in the country’s
overall energy balance by 2030. Despite all the challenges, this
transition is an important step towards achieving long-term
sustainability and energy security.
We understand that this task is not easy, but Azerbaijan has
demonstrated that commitment and innovation can transform national
energy strategies.
By 2027, an investment of $2.8 billion is planned for renewable
energy. As part of this, we plan to build and integrate eight large
solar and wind power plants into the national energy system, with a
total capacity of about two gigawatts. These two gigawatts are not
just a number, but a carefully calculated value based on an
assessment conducted by a US company.
A Turkish consulting company has also confirmed this data. This
figure reflects the amount of renewable energy that our network
will be able to integrate by 2027, taking into account some
modernizations and improvements. Of course, this figure also
signifies a rapid transition to more environmentally friendly
sources of energy,” he emphasized.
To note, the 29th session of the Conference of the Parties to
the UN Framework Convention on Climate Change (COP29), which will
run until November 22, opened at the Baku Olympic Stadium on
November 11. It is the largest event organized by Azerbaijan to
date, and the first time in the region that it is being held in
Azerbaijan.
Within COP29, the highest level event – the summit of world
leaders on climate action – was held on November 12–13.
The main expectation from COP29 is to agree on a fair and
ambitious New Collective Quantitative Goal (NCQG) on climate
finance. The COP29 chairmanship has launched 14 initiatives that
include linkages between climate action and the Sustainable
Development Goals, including green energy corridors, green energy
storage, harmony for climate resilience, clean hydrogen, methane
reduction in organic waste, action on green digital technologies,
and other topics.
In addition to being a top priority that creates the conditions
for action, creating climate finance will also help fulfill the
1.5°C pledge by bringing everyone together.
The UN Framework Convention on Climate Change is an agreement
signed at the Rio Earth Summit in June 1992 to prevent dangerous
human interference in the climate system. The acronym COP
(Conference of Parties) stands for “Conference of Parties” and is
the highest legislative body overseeing the implementation of the
Framework Convention on Climate Change.
A total of 198 countries are parties to the Convention. Unless
otherwise decided by the parties, COP is held annually. The first
COP event was held in March 1995 in Berlin, and its secretariat is
located in Bonn.
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