BAKU, Azerbaijan, June 4. We're planning to hold a centralized investment forum in Baku during the initial week of COP29, Director-General of the International Renewable Energy Agency (IRENA) Francesco La Camera said, Trend reports.
He made the statement at the opening ceremony of the 29th International Caspian Oil and Gas Exhibition and the 12th Caspian International Power and Green Energy Exhibition, known as Caspian Power, during the Baku Energy Week at Baku Expo Center.
"Today's discussions, of significant importance, have enabled us to collectively outline a path towards a sustainable energy future. The results of COP28 underscored the immediacy of our shared challenge. Pledges to triple renewable energy capacity and double energy efficiency by 2030 mark an ambitious yet crucial milestone on the journey towards achieving net zero emissions. Renewable energy is the most viable solution," he said.
He stated that the rapid deployment of renewable energy for critical structural changes will be backed by three pillars. First, build the required infrastructure and invest in the grid. Second, advocate for a growing regulatory structure capable of allowing targeted investment. Finally, strategically realigning institutional capacity to provide the scale and capability of the energy system we wish to develop.
Francesco La Camera also highlighted the significant socio-economic benefits that any transition could bring, including increased GDP, job creation, wealth generation, investment in energy efficiency, the energy system, and energy flexibility, which could lead to substantial job growth.
"However, achieving this will necessitate a shift in mindset from a traditional approach to energy security towards a more multi-dimensional approach. The utilities sector will play a crucial role in transitioning to a new energy system," he concluded.
To note, the Baku Energy Week, taking place from June 4 to 6, comprises three main events: the 29th Caspian Oil & Gas Exhibition, the 12th Caspian International Energy and Green Energy Exhibition Caspian Power, and the 29th Baku Energy Forum.
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