BAKU, Azerbaijan, June 5. Achieving a successful transition to new energy sources requires joint work, Head of Energy Supply Unit at the International Energy Agency (IEA) Christophe McGlade said during the "International Cooperation for Energy Security and Sustainability" plenary panel at the 29th Baku Energy Forum in Azerbaijan, Trend reports.
"Across the globe, we're witnessing manufacturers embracing a range of cutting-edge energy technologies, including hydrogen, bioenergy, energy storage, and renewable energy sources. These technologies allow us to meet 1.5-degree climate goal emission reduction targets till 2030. In this regard, fostering collaboration among companies is crucial. This is the proposition put forth for discussion by IEA," he stated.
He emphasized the international nature of technology and supply chains, stressing the importance of collaboration to prevent potential disruptions.
"Standardization and synchronization are needed to adopt many new technologies. Thus, nations must collaborate better. The rationale behind transitioning to new energy sources is unequivocal. Without concerted efforts, the transition will be fraught with instability and disparities. Therefore, parties must join forces and collaborate," he added.
To note, over 600 delegates are participating in the forum, which started on June 5, representing a diverse range of countries including Australia, Austria, Belarus, Belgium, Bulgaria, China, the Czech Republic, Finland, France, Georgia, Hungary, India, Israel, Italy, Japan, Kazakhstan, Latvia, Monaco, the Netherlands, Norway, the UAE, Qatar, Romania, Russia, Saudi Arabia, Slovenia, Sweden, Switzerland, Ukraine, the UK, the US, and Uzbekistan. This year's forum boasts a record number of speakers, totaling 81.
The Forum's agenda will address energy issues of significance for Azerbaijan and the broader Caspian region, focusing primarily on considerations and financing related to energy security, energy transition, and green energy projects.
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