BAKU, Azerbaijan, September 24. Green energy corridor “Caspian-Azerbaijan-Black Sea-EU” has been assessed as a project of strategic interest for the EU in the context of plans to import hydrogen and energy security, Azerbaijani Energy Minister Parviz Shahbazov said, Trend reports
He made the announcement at a panel session "Investment and Global Cooperation" at the "Wind Energy Hamburg" conference in Germany.
“Demand for electricity in the EU will increase by 50 percent by 2040, and the green energy corridor ‘Caspian-Azerbaijan-Black Sea-EU’ is assessed as a project of strategic interest for the European Union,” the minister noted.
According to him, wide opportunities are opening up for Azerbaijan's cooperation with the European Wind Energy Association and German companies, in particular on the production of equipment for offshore wind farms, hydrogen, energy storage systems, and the project of a green energy corridor.
Shahbazov recalled that Azerbaijan's wind energy potential in the Caspian Sea is estimated at 157 GW.
“Azerbaijan is a country that successfully provides and promotes investments and global cooperation in the field of renewable energy in the region. Thanks to a favorable investment policy, our 2 GW green energy projects are financed by international investors. With investments of around $2 billion and our partnership with leading global energy companies, we are on track to increase the share of renewable energy in installed capacity to 33 percent by 2027,” the Minister pointed out.
He added that the EBRD and the World Bank will help with the timely integration of electricity from renewable energy into the power grid.
The Minister underlined that the country can produce up to 18 GW of green energy (in stages) until 2037, the possibility of producing green hydrogen and green ammonia is being studied.
“Azerbaijan's activities in the field of Eurasian-scale green energy have shaped COP29 energy initiatives aimed at removing bottlenecks to achieve net zero in the world,” he emphasized.