BAKU, Azerbaijan, March 1. Azerbaijan has proved itself as an energy security source for Europe, Doctor of Philosophy in Economics Fuad Ibrahimov told Trend.
He underscored the significance of environmental protection as a key requirement in the context of modernity.
"Azerbaijan's hosting of COP29 is notable. Our country's selection as the location for this important event underlines Azerbaijan's elevated status. Azerbaijan is actively contributing to the transition to 'green' energy by doing specialized research in this subject. Plans have been made to quickly integrate these initiatives into the economic landscape. The crucial feature is the altered global dynamics that followed the pandemic era, as well as the ongoing conflicts that have entrenched these changes. Countries with established logistic corridors have emerged as influential influences in the region," he noted.
The expert noted that by effectively integrating traditional energy into the economic framework, the country managed to position itself as a provider of energy security for Europe via certain routes.
"Additionally, by promptly conducting economic justifications for integrating alternative energy into the economic framework within a short timeframe and determining its capacity, we have the opportunity to facilitate its export through the Black Sea, considering the geostrategic position of the region. There are agreements in place concerning this matter, with leading countries in the field investing in Azerbaijan. An illustrative example is the Garadagh solar power plant, the largest of its kind in the Caspian region and the CIS. The station was constructed with the support of foreign investments, marking the first industrial-scale solar power plant in our country realized with external funding. Similar processes are actively unfolding in other regions within our territory," Ibrahimov added.
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