BAKU, Azerbaijan, November 15. Interconnected energy systems and cross-border trade can help balance renewable energy volatility in Central Asia, World Bank (WB) Vice President Antonella Bassani said during the COP29 Energy Transition Investment Forum for Central Asia in Baku today, Trend reports.
"Renewable energy sources pave the way to enhanced energy security, as they are more affordable than ever and can be produced domestically. Unlocking the energy potential of Central Asia requires deeper regional cooperation. The region has significant opportunities to leverage untapped benefits from regional trade and expand the production of energy from renewable sources.
"Currently, only 2.5 percent of energy demand in Central Asia is met through trade, while about 40 percent of interconnection capacities are utilized. Interconnected energy systems and cross-border trade can help balance the variability of renewable energy and stabilize grids, providing both economic and environmental benefits. Moreover, such trade can improve energy security by reducing exposure to fossil fuel price fluctuations and easing the fiscal burden of energy subsidies," she added.
The 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) opened on November 11. COP29, which is being held at the Baku Olympic Stadium, will continue until November 22. It is the largest event organized by Azerbaijan to date, and the first time in the region that it is being held in Azerbaijan.
The key expectation from COP29 is to agree on a fair and ambitious New Collective Quantified Goal (NCQG) on climate finance.
A total of 14 initiatives have been put forward by the COP29 Chairmanship.
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