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Azerbaijan eyes increasing private investment in renewable energy sector - minister

Oil&Gas Materials 28 October 2020 15:53 (UTC +04:00)
Azerbaijan eyes increasing private investment in renewable energy sector - minister

BAKU, Azerbaijan, Oct. 28

By Zeyni Jafarov – Trend:

The Azerbaijani Energy Ministry is working on a new strategy and is developing a draft law on Renewable Energy Sources, which is expected to accelerate the introduction of renewable energy sources and attract foreign investment, Energy Minister Parviz Shahbazov said, Trend reports.

Shahbazov made the remark at the Baku International Energy Charter Forum on ‘Transition to renewable energy sources in electricity production, transport, heating, and cooling: modern challenges and trends’.

The government is pointed to increasing private investment in the renewable energy sector through incentive policies, he said.

"We are a country that will fully provide itself with energy. We plan to use the latest trends in energy security in the field of alternative energy," Shahbazov said.

The minister noted that the development of the world economy and alternative energy will allow increasing and solving the problem of global warming, as well as accelerating the transition to alternative energy without harming the environment.

The event was organized jointly with the Azerbaijani Ministry of Energy and the International Energy Charter.

Azerbaijan's Energy Minister Parviz Shahbazov, Secretary-General of the International Energy Charter Urban Rusnak, Energy Policy Director of the Directorate-General for Energy Cristina Lobillo Borrero, and other representatives of the International Energy Charter took part at the event.

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