BAKU, Azerbaijan, August 12. The United Nations Climate Change Conference (COP29), hosted by Azerbaijan, is actively facilitating discussions among countries on strategies to mitigate climate change and adapt to current conditions. Representatives from nearly every nation gather annually to foster global cooperation and develop binding commitments and frameworks to reduce greenhouse gas emissions.
Under President Ilham Aliyev's leadership, Azerbaijan's transition to green energy and its ongoing projects highlight the country's success in executing global investment initiatives amidst global military, political, and economic turmoil. The new water, wind, and solar power plants are crucial for addressing Azerbaijan's growing energy needs and enhancing its capacity to export green energy.
The global interest in these projects underscores Azerbaijan's significant potential in alternative and renewable energy production. Azerbaijan aims to become a key supplier of electricity to Europe by increasing investments in this sector.
Recent large-scale investments from UAE's Masdar Company and Saudi Arabian ACWA Power reflect Azerbaijan's favorable investment climate. These investments, totaling over $500 million, include the 240 MW Khizi-Absheron and 230 MW Garadagh wind power plants, which are the first foreign-invested energy projects in Azerbaijan.
The operation of these plants is expected to produce 1.5 billion kWh of electricity annually, save more than 330 million m³ of natural gas, and prevent over 600,000 tons of carbon dioxide emissions.
Experts estimate that Azerbaijan has more than 27 gigawatts of wind and solar energy potential on land and 157 gigawatts of wind energy potential in the Caspian Sea. In Karabakh and Zangezur, the combined wind, solar, and hydropower potential exceeds 10 gigawatts. Effective utilization of these resources will significantly meet Azerbaijan's growing electricity demand while supporting its territorial integrity and sovereignty.
By focusing on alternative energy production, Azerbaijan aims to reduce reliance on fuel oil and natural gas for thermal power plants, thereby increasing its ability to export more oil and gas to Europe and boosting its revenues.
Media Analysis Center (MTM)
Stay up-to-date with more news at Trend News Agency's WhatsApp channel