IFC interested in supporting Azerbaijan’s energy transition

Oil&Gas Materials 7 May 2021 09:32 (UTC +04:00)
IFC interested in supporting Azerbaijan’s energy transition

BAKU, Azerbaijan, May 7

By Leman Zeynalova – Trend:

The International Finance Corporation (IFC) is interested in supporting Azerbaijan’s energy transition through both investments and advisory services, Wiebke Schloemer, IFC Director for Europe and Central Asia, told Trend.

“At IFC, we believe that efficient use of renewable energy is at the heart of sustainable development. This is good news for Azerbaijan because an analysis from the World Bank’s Energy Sector Management Assistance Program (ESMAP) found the technical potential of the country’s offshore wind energy is up to 157 gigawatts. This represents immense potential when compared to the country’s total installed capacity of around 8 gigawatts,” she said.

Schloemer went on to add that by unleashing this potential and transitioning away from oil and gas, the country can reduce both its greenhouse-gas emissions and vulnerability to volatile fuel prices.

“The development of offshore wind generation is also expected to spur competition in the power sector and strengthen Azerbaijan’s infrastructure.

Just recently, IFC has signed an agreement to help Azerbaijan expand its offshore wind energy sector, which would in turn support the country’s energy resource diversification strategy. IFC’s work is part of its joint initiative with the World Bank’s ESMAP to scale offshore wind energy in emerging markets. As part of the cooperation, IFC will initially work with the Ministry of Energy to create a roadmap for the industry.

As we progress, we expect to continue our collaboration with the Ministry of Energy to support preparation of projects for potential private sector involvement in offshore wind generation — partnerships that could help turn Azerbaijan into a renewable energy powerhouse.

I am glad that our first phase of cooperation with the Ministry of Energy is going well. Our teams have had a productive discussion with the team in the ministry on the scope, timing, and options for offshore wind development,” she said.


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