BAKU, Azerbaijan, November 15. A tripartite agreement on carbon credits was signed between Azerenergy OJSC, SOCAR Trading, and the Italian company Ansaldo Energia as part of the COP29, Azerenergy told Trend.
The document articulates Ansaldo Energia's strategic commitment to harness carbon credits for the generation of zero-emission electricity through innovative small hydropower plants in the Kalbajar district. This initiative encompasses the Chirag-1, Chirag-2, Soyugbulag, Gamyshly, and Meydan facilities, which were expertly developed and operationalized by Azerenergy in 2023.
To note, Azerenergy, the largest state-owned electrical power producer in Azerbaijan, in cooperation with SOCAR Trading, applied to the Global Carbon Council (Qatar) and Gold Standard (Switzerland) for carbon certificates for several small hydropower plants, aiming to participate in the voluntary carbon credit market in early 2024.
The wheels are to be in motion for these five small hydropower plants, which are set to keep around 30,000 tons of CO2 from hitting the atmosphere each year once the registration is all squared away.
To note, the project, to be implemented in the nation's Karabakh and Eastern Zangezur, represents one of Azerbaijan's initial submissions for participation in the voluntary carbon credit market.
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