BAKU, Azerbaijan, June 3. Azerbaijan demonstrates serious progress in forming a sustainable and balanced energy strategy, and the Baku Energy Forum serves as an important platform for global dialogue in this sphere, the Secretary General of the International Energy Forum (IEF), Jassim Alshirawi said at the Baku Energy Forum, Trend reports.
“The forum is taking place in an important period when we discuss not only energy issues, but also environmental problems, geopolitical challenges, as well as the need to update the global energy agenda,” he said.
Alshirawi emphasized that the COP29 conference held in Azerbaijan last year showed how important it is to realize the challenges of the energy transition and the need to form a sustainable and secure energy order in a rapidly changing environment.
According to him, IEF, together with the IEA and OPEC, holds an annual Energy Outlook Symposium, within which scenarios of future energy development, growth of global demand for energy resources, and the need for investment in both traditional and renewable sectors are considered.
“89 percent of projected energy consumption will continue to come from conventional sources, but the share of renewables is expected to grow significantly over the coming decades. It is particularly important to ensure investment in developing countries, which make up two-thirds of the world's population but receive only 15 percent of global clean energy investment,” he noted.
The official emphasized the necessity of creating a balance between public and private investment, strengthening cross-border cooperation, concluding bilateral agreements between producer and consumer countries, as well as involving financial institutions.