Is WB ready to support Azerbaijan’s renewable energy project?
Baku, Azerbaijan, Jan.19
By Leman Zeynalova – Trend:
At the moment, the World Bank (WB) doesn’t have plans to support projects for development of alternative energy sources in Azerbaijan, Trend learned from the WB Baku Office.
However, globally the World Bank Group is focused on promoting and facilitating the adoption of low-carbon, clean energy solutions to reduce energy poverty, said the organization’s Baku Office.
“We are working with client countries across the world to develop clean energy generation sources; improve energy efficiency; reform energy sectors and utilities to make them more efficient and financially viable; enhance off-grid electrification and reduce fossil fuel subsidies,” said the WB.
At present, around 9 percent of all electricity generated in the country account for alternative energy in Azerbaijan. By 2020, this figure is planned to be brought up to 20 percent of all electricity generated in the country.
Currently, the capacity of Azerbaijan’s energy system is around 12,000 MVA. According to the experts, the potential of renewable energy sources exceeds 25,300 MVA in the country. Most of the country's potential in this sphere accounts for solar energy.
Earlier, Nariman Mannapbekov, director of Asian Development Bank (ADB) permanent representative office in Azerbaijan told Trend that ADB considers it possible to finance renewable energy projects in Azerbaijan in case of their sustainability.
Moreover, the European Bank for Reconstruction and Development (EBRD) has expressed interest in supporting Azerbaijan in developing its renewable energy potential.
The source in EBRD noted that the bank sees strong potential for the development of renewable energy in Azerbaijan under a supportive regulatory framework.
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