BAKU, Azerbaijan, June 6. Founded in the spring of 2024, SOCAR Green LLC, a subsidiary of SOCAR (State Oil Company of Azerbaijan Republic), has ambitious goals to execute "green" projects in the Caspian Sea region, Director of LLC Elmir Musayev said during the "Empowering and accelerating green transition: strategies for COP29 and for Green World" panel at the 29th Baku Energy Forum, Trend reports.
“We acknowledge that the journey towards energy transition won't be straightforward; there will be challenges. However, we must confront them with a sense of responsibility for environmental preservation,” he stated.
He mentioned that SOCAR Green's primary focus will be on renewable energy sources and energy storage projects.
Musayev highlighted that on June 4, SOCAR Green inked agreements with Masdar for 1 GW of green energy, and the project portfolio will expand with the addition of other investors.
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.
Stay up-to-date with more news at Trend News Agency's WhatsApp channel