BAKU, Azerbaijan, November 12. A high-level ministerial dialogue on scaling up investment for tripling renewable energy sources and doubling energy efficiency by 2030 has taken place within COP29 in Baku, Trend reports via the Azerbaijani Ministry of Energy.
According to the ministry, the event brought together representatives of governments, international organizations, and financial institutions to review progress made, highlight commitments made, and hold discussions on cooperation and investment to achieve these goals.
The event opening features speeches from the Minister of Energy of Azerbaijan Parviz Shahbazov, Assistant Minister of Foreign Affairs of the UAE for Energy and Sustainable Development Abdullah Balala, EU Commissioner for Climate Action Wopke Hoekstra, Executive Director of the International Energy Agency Fatih Birol and Director General of the International Renewable Energy Agency Francesco La Camera.
Shahbazov said that COP29 is a global event that marks an important milestone on the path to ambitious goals - tripling renewable energy and doubling energy efficiency.
According to him, COP29 is a new driving force behind global efforts to accelerate the implementation of these commitments and progress, focusing on removing barriers to a rapid energy transition.
He pointed out that for the COP29 presidency, alongside the financing, a key focus is on garnering support for major energy transition initiatives, including the "Commitment to the creation of green energy zones and corridors," the "Commitment to global energy storage and grid systems," and the "Hydrogen Declaration."
As Shahbazov explained, these initiatives are critical to advancing the global energy transition, and their success depends heavily on the support of every country, institution, and sector involved.
The minister emphasized the need for mobilizing financial and technological resources to move forward decisively.
He also noted that Azerbaijan is implementing ambitious mega-projects that increase the potential of renewable energy sources at the national and international levels in accordance with the development priorities of a “green growth country” and a supplier of green electricity and gas until 2030.
"Solar and wind power plants with a total capacity of 2,250 megawatts, which are planned to be commissioned by 2030, will increase the share of renewable energy in installed capacity to 35.5 percent.
This not only updates our target to 30 percent but also represents more than a sevenfold increase in the share of solar and wind energy in our energy system. One of the key strategic goals during this period is the creation of additional renewable energy capacity and ensuring its supply to Europe through energy corridors such as the Caspian-Black Sea-Europe and Azerbaijan-Türkiye-Europe corridors," the minister added.
Furthermore, the participants discussed the COP29 presidency initiative "Global Energy Storage and Grids", focused on increasing the production of renewable energy sources.
The event continued with panel sessions themed "Progress made by the international community over the past year" and "Bridging the financial gap."
The event gathered representatives from more than 40 countries and organizations.
The opening ceremony of the much-anticipated COP29 conference has kicked off on November 11 at the Baku Olympic Stadium.
Representatives, leaders, and climate experts from around the globe gathered to mark the beginning of what is set to be one of the largest climate events of the year.
The decision to host COP29 in Azerbaijan was made at the COP28 plenary session held in Dubai on December 11 of last year.
The United Nations Framework Convention on Climate Change, signed in June 1992 at the Earth Summit in Rio de Janeiro, aims to prevent dangerous human interference with the climate system. The “COP” (Conference of the Parties) is the highest governing body responsible for overseeing the convention’s implementation.
A total of 198 countries participate in the convention. Unless otherwise agreed, COP is held annually. The first COP took place in Berlin in March 1995, with its secretariat headquartered in Bonn.
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