...

EBRD supports Azerbaijan's Ministry of Energy in designing renewable energy framework

Economy Materials 10 September 2022 11:44 (UTC +04:00)
EBRD supports Azerbaijan's Ministry of Energy in designing renewable energy framework
Sadraddin Aghjayev
Sadraddin Aghjayev
Read more

BAKU, Azerbaijan, September 10. The European Bank for Reconstruction and Development (EBRD) has supported Azerbaijan's Ministry of Energy in designing a renewable energy framework, including an energy regulator and renewable energy auctions, EBRD President Odile Renaud-Basso said in an exclusive interview with Trend on the eve of her visit to Azerbaijan.

According to her, the Bank helped the ministry conduct the power grid strengthening research.

"Now we stand ready to invest in grid improvements across Azerbaijan, which serves as a precondition for further renewable energy development. EBRD is open to exploring ways for investing in other renewable energy projects. We're getting ready to invest in the first wind power plant on the Absheron peninsula. The Bank is fully aware of the fact that the Southern Gas Corridor's capacity is expandable, and should a relevant decision be taken, we will be glad to engage with Azerbaijan. However, for the Bank to be able to finance the project, the decision must be aligned with the Paris Agreement's key aspects and the Bank’s Fossil Fuel approach including mitigation of the carbon lock-in risk, through future-proofing the capacity to transport low carbon gases,” said the EBRD president.

Tags:
Latest

Latest