BAKU, Azerbaijan, September 6. The share of renewable energy sources in Azerbaijan's power generation capacity will exceed 37 percent by 2027, said Azerbaijani Energy Minister Parviz Shahbazov during an online speech at the international forum on energy transition, Trend reports.
The international forum on energy transition is held in China under the motto "Joint promotion of energy transition for a common green future".
Speaking at the opening ceremony, the minister emphasized that economic and technological realities are as important factors in the implementation of the energy transition as political decisions.
"The first energy crisis showed that any successful energy transition must address all three elements of the energy trilemma: security, affordability and sustainability. In addition to accelerating the energy transition, we need investment in the existing energy system, a clear vision and strong cooperation. We must support an equitable and inclusive energy transition that can ensure environmental protection and energy security," he said.
In addition, Shahbazov also noted that Azerbaijan is currently cooperating with international energy companies, including China Gezhouba Group Overseas Investment, on green energy projects with a capacity of more than 28 GW.
"It is expected to operate more than 3 GW of these green energy capacities by 2027, which will bring the share of renewable energy in our country's power generation capacity to more than 37 percent. We also have plans to implement another 5 GW projects by 2030," Shahbazov added.
At the same time all this will contribute to Azerbaijan's transformation into an exporter in various directions, diversification of energy supply of the country's European partners with green electricity and hydrogen through the "Caspian-EU green energy corridor".