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Azerbaijan has potential to install 7 gigawatts of offshore wind power by 2040 – IFC

Economy Materials 13 October 2022 16:39 (UTC +04:00)
Azerbaijan has potential to install 7 gigawatts of offshore wind power by 2040 – IFC
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, October 13. International Finance Corporation (IFC) looks forward to supporting Azerbaijan on its path towards diversification and decarbonization through sustainable private sector investments, Aliya Azimova, IFC's Country Representative in Azerbaijan, told Trend.

Azerbaijan has the potential to install 7 gigawatts of offshore wind power by 2040, with the right long-term vision, infrastructure development, investment, and policies.

The estimated technical potential of Azerbaijan’s offshore wind potential is 157 gigawatts, which is massive when compared to the country’s current total installed capacity of around 8 gigawatts.

While helping the country reach net zero emissions in the power sector - a key national priority - harnessing wind power is also expected to create jobs and new economic opportunities. Analysis in the roadmap estimates that if 7 gigawatts of offshore wind is installed in the country by 2040, this could create over 69,000 full-time employment years and up to $7 billion in local gross value added.

Moreover, Azerbaijan will be able to transfer infrastructure, equipment, knowledge, and workforce from the country’s established oil and gas sector to offshore wind.

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