BAKU, Azerbaijan, May 20. European investors expressed strong interest in the “green cities and villages” project to be implemented in the liberated [from Armenian occupation in 2020] territories, Trend reports via the sixth edition of the EU Business Climate Survey 2021.
As the Azerbaijani government has been working towards achieving a new regulatory framework for alternative energy projects, two new laws on the use of electricity and renewables were adopted in 2021. A law “On the Use of Renewable Energy Sources in the Production of Electricity” depicts the legal framework, while a law “On the Efficient Use of Energy Resources and Energy Efficiency” sets standards, and procedures for a more effective examination of energy use and efficiency by establishing Energy Efficiency Fund, the report noted.
Thus, according to the survey, the project of “green cities and villages”, which is going to be carried out in the Karabakh and Zangezur economic regions, as well as the prioritization of green and alternative energy projects receive strong interest from the EU companies.
As the report mentioned, currently, only 1.3 GW of renewable energy capacity has been installed in Azerbaijan. However, the country has more than 180 GW of potential solar and wind power.
“More support is expected to come from a recently launched EU-funded project “Support for further improvement of energy efficiency in Azerbaijan” which aims to develop a regulatory framework and energy certificate scheme for buildings. The project will also support the government with the introduction of minimum energy performance requirements and energy labeling for priority groups of energy products,” the report noted.
Meanwhile, in general, some 40 percent of the surveyed EU companies are ready to invest in Karabakh, but still waiting for a good opportunity, while 34 percent do not have current investment plans but are wishing to join the restoration process.
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