BAKU, Azerbaijan, June 5. Over the past few years, Azerbaijan has been creating a legislative framework to attract renewable energy investment, seeking to promptly settle all obstacles, the country's Deputy Energy Minister Orkhan Zeynalov said, Trend reports.
He made the remark during today's panel discussions themed "Unlocking Sustainable Energy: Green Energy Potential in the Caspian Region" within the 29th Baku Energy Forum in Azerbaijan.
He states that in order to make renewable energy projects more appealing, the government is promoting the use of public-private partnerships, offering tax incentives to investors in alternative energy sources, and attracting private companies to oversee the energy networks.
"Attracting investment in renewable energy in Azerbaijan is important given its vast potential (157 GW offshore and 115 GW onshore), and there is a global demand for green energy," Zeynalov explained.
Meanwhile, the official mentioned that there have been ongoing challenges with the supply chain, essential equipment, and telecommunication cables. However, efforts are being made to address these issues gradually over time.
He highlighted the decreasing cost of renewable energy production on a global scale and the increasing frequency of implementation of such projects.
"According to the International Renewable Energy Agency, five GW of green energy was created worldwide in 2023, and the pace of renewable energy production is growing," Zeynalov added.
To note, over 600 delegates are participating in the forum, which began on June 5, representing a diverse range of countries including Australia, Austria, Belarus, Belgium, Bulgaria, China, the Czech Republic, Finland, France, Georgia, Hungary, India, Israel, Italy, Japan, Kazakhstan, Latvia, Monaco, the Netherlands, Norway, UAE, Qatar, Romania, Russia, Saudi Arabia, Slovenia, Sweden, Switzerland, Ukraine, the UK, the US, and Uzbekistan. This year's forum boasts a record number of speakers, totaling 81.
The Forum's agenda will address energy issues of significance for Azerbaijan and the broader Caspian region, focusing primarily on considerations and financing related to energy security, energy transition, and green energy projects.
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