BAKU, Azerbaijan, March 18. Holding COP29 in Azerbaijan will open new opportunities for renewable energy, economist-expert Eyyub Kerimli told Trend.
According to him, Azerbaijan is actively engaged in establishing a clean environment.
"Hosting this event in our country will open up new avenues for the renewable energy industry and improve the investment climate in this field. As a result, our nation will attract the attention of significant corporations involved in this industry.
It will also greatly support future exports and the growth of our nation's capability for green energy. COP29 will have a significant impact on our nation's green energy policies. Azerbaijan is actively working with international organizations to promote green energy programs, and developments in this area are happening quite quickly.
Aligned with the priorities outlined for our country's social and economic development until 2030, emphasis is placed on fostering a clean environment and transitioning to green energy. There are plans to elevate the proportion of alternative and renewable energy within the overall energy production to 40 percent. Azerbaijan stands as one of the nations holding substantial potential in the realm of renewable energy," the expert noted.
According to him, COP29 is a political occasion as well.
"Holding COP29 in Azerbaijan will raise the prestige of our country in the international arena," Kerimli added.
According to the Azerbaijani Ministry of Energy, the country boasts a technical potential of 135 gigawatts for land-based renewable energy sources and 157 gigawatts for those at sea. The economic potential stands at 27 gigawatts, encompassing 3,000 megawatts of wind energy, 23,000 megawatts of solar energy, and a bioenergy potential of 380 megawatts. Additionally, the potential from mountain rivers is estimated at 520 megawatts.
The decision to hold COP29 in Azerbaijan was officially announced in Dubai on December 11, 2023, enabling Azerbaijan to host the above event in November.
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