BAKU, Azerbaijan, April 17. Finance is a key requirement for tripling the use of renewable energy by 2030, Azerbaijani Minister of Energy Parviz Shahbazov said, Trend reports.
He made the remark at the high-level plenary session themed Tripling Renewable Energy, hosted by the 14th Assembly of the International Renewable Energy Agency's (IRENA) in Abu Dhabi.
"Investments should be aimed toward the building of production capacities, integration with the energy system, boosting and modernizing power grid capacity, the installation of interconnectors, and energy storage systems," the minister noted.
He assessed Azerbaijan's accession to the Global Promises on Renewable Energy and Energy Efficiency as evidence of its commitment to the green energy shift.
The minister once again emphasized that the opportunity to host COP29 in Azerbaijan provides the country with a chance to enhance achievements in renewable energy development.
"COP29 will become an important platform for mobilizing efforts to adopt new global collective financial goals," he added.
This November, Azerbaijan will host COP29. This decision was made at the COP28 plenary meeting held in Dubai on December 11 last year. Baku will become the center of the world and will receive about 70,000–80,000 foreign guests.
The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous human interference with the climate system. The COP—the Conference of the Parties—is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change. There are 198 countries that are parties to the Convention. Unless the parties agree otherwise, the COP is held annually. The first COP event took place in March 1995 in Germany's Berlin, and its secretariat is located in Bonn.
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