Azerbaijan's Energy Ministry, EBRD sign memorandum (PHOTO) (UPDATE)

Oil&Gas Materials 22 December 2022 17:55 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
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Details added (first version posted at 14:51)

BAKU, Azerbaijan, December 22. The Ministry of Energy of the Republic of Azerbaijan and the European Bank for Reconstruction and Development (EBRD) have signed a memorandum of technical support for the electric power development, Trend reports.

The memorandum, aimed at low-carbon power development, will foster the green energy advancement, improve the power plant efficiency, reduce methane emissions, as well as provides for the phased research cooperation and application of innovative technologies, including "green hydrogen".

In addition, the "Low-carbon solutions in Azerbaijan's electricity sector" technical support project will be implemented at the initial stage of this cooperation.

The technical support envisages designing a road map with recommendations on the relevant policy and decarbonization technology for the energy sector.

"Following the presidential policy, the country's energy sector is being transformed into the renewable energy and efficiency model. This document is important for the power development in accordance with global energy and environmental challenges. Our joint efforts will contribute to Azerbaijan's transformation into the 'green growth' country, as well as the implementation of large-scale work to reduce greenhouse gas emissions by 40 percent by 2050 and create a net zero emission zone in the liberated territories," Azerbaijani Energy Minister Parviz Shahbazov said.

Managing Director of the EBRD Sustainable Infrastructure Group Nandita Parshad noted that this memorandum would facilitate further cooperation between Azerbaijan and the EBRD in developing low-carbon power solutions, where renewable energy sources would play a key role.

"We're pleased to support Azerbaijan on its way to reduce greenhouse gas emissions in the country and replace gas consumption with affordable wind and solar energy in line with the Paris Climate Agreement," Parshad emphasized.