EBRD proposes Azerbaijan to increase renewable energy potential

Business Materials 2 May 2019 14:23 (UTC +04:00)

Baku, Azerbaijan, May 2

By Sara Israfilbayova – Trend:

The European Bank for Reconstruction and Development (EBRD) proposes Azerbaijan to increase the potential of renewable energy sources and expand private sector participation in the energy sector, Trend reports referring to the bank’s strategy for Azerbaijan covering 2019-2024.

The strategy states that it is necessary to provide direct funding for renewable energy projects and support their integration into the network.

Moreover, it is important to “explore investments in sustainable investment projects” targeting the reduction of greenhouse gas emissions, as well as “support the development of the renewable energy regulatory framework to attract private sector finance”, along with investment into the resource efficiency sector.

Bank experts believe that energy and resource efficiency credit lines should be provided through partner banks, supply-side resource efficiency investments should be developed and financed, and enhanced energy connectivity, power network reliability should be supported.

The government should also “support development of the solid waste sector across the waste management cycle,” according to the strategy.

The EBRD is a leading investor in Azerbaijan. To date, the Bank has invested almost 3.3 billion euro in various sectors including energy, infrastructure, banking, industry and commerce.