BAKU, Azerbaijan, April 3. Transition to green energy is a priority issue not just for Azerbaijan but for all countries throughout the world, expert economist Parviz Heydarov told Trend.
He noted that European countries have already taken significant steps in this direction.
"In some European countries, green energy sources provide for 50 percent of the total energy supply. As a result, the demand for gas and oil products in these countries is declining. This indirectly impacts the prices of these products on global markets," he said.
According to the expert, Azerbaijan has a lot of potential for producing green energy, notably in the lands that were liberated from occupation.
"Green energy technology necessitates a significant financial commitment. Work has already begun to recruit investors into this sector. As an example, Azerbaijan and Masdar Company (UAE) inked three investment agreements for green energy projects totaling 1,000 MW. The investment agreements envisage the development of projects such as a 445 MW solar power plant in Bilasuvar district, a 315 MW solar power plant in Neftchala district, and a 240 MW wind power plant in the Absheron-Garadagh region," he concluded.
Nowadays, the global energy sector is transitioning away from fossil-based energy production and consumption systems such as oil, natural gas, and coal and toward renewable energy sources such as wind and solar, as well as lithium-ion batteries.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel