BAKU, Azerbaijan, June 25. Azerbaijan, renowned for its energy corridors, is now pivoting towards green corridors, Elnur Soltanov, Deputy Minister of Energy, COP29 CEO, told Trend.
This vision materialized with the inception of the EU-backed Green Energy Corridor initiative, fostering collaboration among Azerbaijan, Georgia, Romania, and Hungary, the CEO said. The cornerstone of this initiative is a quadrilateral agreement aimed at exporting approximately four gigawatts of offshore wind-generated electricity to European markets via Georgia, the Black Sea, Romania, and Hungary.
"The formation of a joint venture is imminent, with Italian consultancy group already engaged in preliminary studies," Elnur Soltanov disclosed. "Initial feasibility assessments indicate strong prospects, underpinning the project's viability and attracting significant foreign investment, and we expect to them to be ready by year-end".
The CEO underscored regional cooperation, citing a memorandum of understanding between Azerbaijan, Kazakhstan, and Uzbekistan for a transformative trans-Caspian cable project. "While trans-Caspian pipelines have been discussed, this energy cable project represents a pioneering effort," the CEO remarked. "It capitalizes on renewable resources in Central Asia, aligning with European demands amidst projected electricity shortages".
European enthusiasm for the initiative has been palpable, reflecting their anticipation of enhanced energy security and sustainable development. "Green energy corridors are poised to headline Azerbaijan's Presidential Action Agenda," the CEO affirmed. "These initiatives transcend regional boundaries, fostering global resilience by interlinking diverse grid systems and bolstering capacity to absorb intermittent renewable energy".
The forthcoming COP29 summit is poised to amplify Azerbaijan's advocacy for global adoption of green energy corridors. "This project promises to be a transformative force in international energy policy," the CEO anticipated. "It exemplifies how strategic connectivity can accelerate the global energy transition, benefitting both suppliers and consumers worldwide".