BAKU, Azerbaijan, November 29. Azerbaijan has great potential for using its rich renewable energy resources, mainly solar and wind energy, the Regional Manager for the South Caucasus at the International Finance Corporation (IFC), Ivana Fernandes Duarte, said at the presentation of the Azerbaijan Country Climate and Development Report (CCDR) of the World Bank (WB) Group, Trend reports.
Duarte stated that this research analyzed the existing situation in Azerbaijan as well as the essential measures to accomplish the country's aims of lowering greenhouse gas emissions in compliance with the Paris Agreement obligations.
"The private sector's involvement, as well as the use of private knowledge and skills, will be critical for Azerbaijan in achieving these goals. We see huge opportunities for private finance and skills to be used in renewable energy, such as electromobility, climate-resilient agriculture, and, of course, the financial industry. This can be accomplished through direct investments as well as public-private partnerships," she said.
The regional manager reminded that the IFC has always supported Azerbaijan in its efforts to develop and diversify the economy and is currently assisting the country in transitioning to a low-carbon economy.
"We are ready to continue supporting Azerbaijan and helping the country and its private sector achieve their goals," Duarte emphasized.
The technical potential for renewable energy sources in Azerbaijan is 135 GW on land and 157 GW at sea. Renewable energy sources are expected to have a 27 GW commercial potential, with wind energy accounting for 3,000 MW, solar energy accounting for 23,000 MW, biofuel accounting for 380 MW, and mountain rivers accounting for 520 MW.
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