BAKU, Azerbaijan, November 15. Azerbaijan has suggested three energy projects, consisting of five essential components, which offer concrete answers to facilitate the effective achievement of obligations under the COP28 framework, Azerbaijani Minister of Energy Parviz Shahbazov said at a ministerial dialogue on COP29 energy initiatives, Trend reports.
"These initiatives aim to triple renewable energy capacity and double energy efficiency. One of the key components, the Green Energy Pledge, focuses on establishing green energy corridors and zones. Green energy corridors are a highly effective solution for the large-scale transmission of renewable energy, enabling the use of resources with significant energy potential far from major consumption centers.
The development of these corridors prioritizes fostering regional cooperation, creating supportive regulatory frameworks, ensuring sustainable financial mechanisms, and expanding the production of HVDC [High Voltage Direct Current] cables," he said.
Shahbazov also highlighted the second initiative, the Global Pledge on Green Energy Storage and Grids, which aims to increase the installed capacity of energy storage systems by six times, reaching 1500 gigawatts by 2030.
"This collective goal also includes elements such as stimulating investments in storage systems and implementing new technologies. Another initiative component focuses on boosting investments in energy grids and transmission systems and modernizing and expanding existing infrastructure. The initiative sets the target of adding or modernizing 25 million kilometers of networks worldwide by 2030, with an additional 65 million kilometers by 2040. This initiative is strategically vital to overcoming the limitations of current grid infrastructure, supporting variable renewable energy, integrating large volumes of green energy into the grid, and ensuring a stable balance between energy supply and demand," Shahbazov added.
The Minister also mentioned the third initiative, the COP29 Hydrogen Declaration.
"Hydrogen is a potent energy source in the pursuit of a zero-emissions future. Its implementation will enhance the environmental sustainability of the industrial, transport, and energy sectors, fully harnessing the potential of renewable energy. The Hydrogen Declaration encompasses collective promises that bolster aspirations within the hydrogen sector and its contribution to the energy transition, with initiatives to advance hydrogen standards and certification," Shahbazov emphasized.
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