BAKU, Azerbaijan, Feb.13. The International Finance Corporation (IFC) and the World Bank are now working with the Azerbaijan government on how to implement the roadmap on offshore wind energy, to initiate offshore wind development, and attract developers and private investors to the country, Rana Karadsheh, Regional Director of the IFC for Europe, said in an exclusive interview with Trend.
She pointed out that accelerating decarbonization is crucial for competitiveness and future prosperity.
“According to an analysis by the World Bank Group’s Energy Sector Management Assistance Program, the estimated technical potential of Azerbaijan’s offshore wind potential is 157 gigawatts, which is massive compared to the current total installed capacity of around 8 gigawatts. As a private sector-led growth model is pursued, developing offshore wind generation will help improve competition in the power sector, strengthen essential infrastructure, and help tackle climate change. Azerbaijan could transfer infrastructure, equipment, knowledge, and its workforce to offshore wind,” said Karadsheh.
The regional director noted that an offshore wind roadmap, released by Azerbaijan’s Ministry of Energy, the World Bank, and at IFC, shows Azerbaijan has the potential to install 7 gigawatts of offshore wind power by 2040.
“This could create over 69,000 full-time equivalent years of employment and up to $7 billion in local gross value added. Utilizing the potential will also allow Azerbaijan to become an exporter of renewable energy to its neighbors and to the rest of Europe, improving energy security, contributing to the decarbonization of the European continent and increased connectivity. IFC and the World Bank are now working with the government on how to implement the roadmap, to initiate offshore wind development, and attract developers and private investors to the country. Overall, implementing the roadmap could allow Azerbaijan to emerge as a regional renewable energy powerhouse. IFC is well-placed to work with Azerbaijan in this area and help it reach the next level, by also leveraging private investment,” she added.
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