BAKU, Azerbaijan, September 11. Azerbaijan is making significant strides towards becoming a leader in green growth and a major exporter of green energy, with a confirmed technical capacity for renewable energy exceeding 184 gigawatts (GW), Trend reports.
The country is poised with substantial potential and is actively working on establishing a green energy corridor with Europe.
In 2022, a strategic partnership agreement was signed in Bucharest with Georgia, Romania, and Hungary to develop and transfer green energy. This project aims to enhance Europe's energy security and involves laying an electrical cable across the Black Sea. The cable, spanning approximately 1,100 kilometers, will facilitate the export of up to 4,000 megawatts of green energy from Azerbaijan to European markets.
The country's green energy export potential, coupled with its diverse energy resources, could positively impact international energy markets. Key factors influencing this potential include the construction of necessary infrastructure and technological networks to support the export.
Regional cooperation and integration with neighboring energy markets are crucial for boosting Azerbaijan's green energy exports. Agreements within the South Caucasus and with other neighboring countries could advance this goal.
Government policies and legislative incentives that promote green energy exports are vital for the development of the energy sector. Relevant legislation and economic programs can support increased green energy exports.
Support programs from state and international financial institutions are encouraging investment and expanding export opportunities for green energy. International trade agreements and energy exchange programs will ease the export process and broaden market opportunities.
Exporting green energy contributes to environmental protection and plays a role in combating climate change. It can also strengthen Azerbaijan's economy, increase foreign currency earnings, and create new jobs in the energy sector.
Azerbaijan's high export potential for green energy, supported by a variety of energy resources, government backing, and international collaboration, underscores the importance of developing appropriate infrastructure, regional cooperation, and supportive government policies.
The country is well-positioned as a leading player in renewable energy, with a technical potential of 135 GW onshore and 157 GW offshore and an economic potential of 27 GW, including 3,000 MW from wind, 23,000 MW from solar, 380 MW from bioenergy, and 520 MW from mountain rivers.