BAKU, Azerbaijan, July 5. Azerbaijan needs rational solutions and urgent measures to ensure energy security and an inclusive energy transition in the coming decades, Azerbaijani Energy Minister Parviz Shahbazov said during the 8th OPEC International Seminar on "Towards a sustainable and inclusive Energy Transition" theme, Trend reports.
According to the minister, the decline in investment in the oil and gas sector is one of the main risks in the context of sustainable energy security.
"More than 80 percent of the $100 trillion worth of energy, used by today's global economy, depends on hydrocarbons, and it is unrealistic to completely get rid of this dependence in the short term. In the coming decades, we need rational solutions and urgent measures to ensure energy security and an inclusive energy transition. This is impossible without dialogue and cooperation between the participants of the energy markets," he said.
Shahbazov pointed out that Azerbaijan has increased gas supplies to Europe by 40 percent through the Southern Gas Corridor in 2022.
"Our goal is not to promote any kind of energy, but to promote energy security, economic development and stability through the proper use of all types of energy. We support an inclusive energy transition. But we need gas to ensure the sustainability of green energy, which plays an important role in reducing emissions, supporting renewable energy sources and a smooth transition to energy," the minister added.
“I think it's time to act together. It is necessary to share responsibility for the future equally, correctly assessing the development of energy markets. Azerbaijan is ready to contribute to such a dialogue both as an OPEC+ country, which is a reliable guarantor of sustainable balancing of the world oil market, and as a reliable energy partner of Europe," he said.