BAKU, Azerbaijan, June 5. Azerbaijan has a golden opportunity to establish itself as a key source of green energy for Europe, Wood Decarbonization Director Stuart Turl told Trend.
"Azerbaijan has a unique chance to become a leading supplier of green energy to Europe. The country's potential for renewable energy production is undeniable. Yesterday, construction for a one gigawatt power plant began, in collaboration with Masdar from the UAE. With the inclusion of renewable and conventional energy sources, as well as oil and gas production, we can effectively reduce carbon emissions and promote a more sustainable energy mix," he emphasized.
Turl emphasized Wood's vast expertise in Azerbaijan, collaborating closely with prominent clients and developers to effectively enhance oil and gas production, both onshore and offshore.
"We eagerly anticipate furthering this collaboration, while also focusing on decarbonization efforts and fortifying a sustainable energy system," he added.
To note, Azerbaijan's renewable energy potential currently surpasses its installed capacity by fourfold.
As of 2023, Azerbaijan's installed capacity for renewable electricity generation had reached 7.5 GW. However, the nation's potential for renewable energy sources far exceeds this figure, estimated at approximately 27 GW. Solar energy comprises the majority, accounting for 23 GW, while onshore wind power potential stands at around 3 GW. Additionally, Azerbaijan boasts a substantial offshore wind energy potential estimated at 157 GW, which is twenty times greater than the current installed capacity.
This potential is expected to be utilized in the medium and long term after comprehensive assessments that take into account economic, technical, and other factors.
Azerbaijan's objective is to elevate the proportion of renewable energy in installed capacity to 24 percent by 2026 and 30 percent by 2030. By 2027, the plan includes 3 GW of wind power and 1 GW of solar power, to export 80 percent of this output. Capacity is anticipated to increase to a minimum of 6 GW by 2037.
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