BAKU, Azerbaijan, November 22. Azerbaijan has great potential for development of low-carbon industry, Boston Consulting Group representative Stanislav Yankelevich said, Trend reports.
He spoke at the SPE Caspian Technical Conference in Baku.
“The third energy transition is already underway, and most countries have a great responsibility to support it. This requires around twenty trillion US dollars of additional investment until 2030 to enable the low-carbon transition. There is a large infrastructure for delivering energy from Azerbaijan to Europe. The capacity of this infrastructure can be doubled. Creating a low-carbon industry requires three main things: attracting more investment, closing technology gaps and increasing the number of relevant specialists. It is also important to provide additional training to graduates in the country. If these issues are resolved, Azerbaijan will be able to successfully compete with other countries in the world market,” he said.
Europe is Azerbaijan's largest market for "green" energy, and there is already a particular scheme in place to supply electricity from renewable sources.
Thus, on December 17, 2022, Azerbaijan, Georgia, Romania, and Hungary signed a strategic collaboration agreement that calls for the development of an energy bridge connecting the Caucasus area to Europe. The agreement calls for Black Sea Energy to construct a 1,000 MW underwater power cable with a length of 1,195 kilometers. The cable will be built to transport "green" electricity generated in Azerbaijan through Georgia and the Black Sea to Romania, where it will be distributed to Hungary and the rest of Europe. This will allow for the supply of up to 4 gigatonnes of renewable energy.
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