BAKU, Azerbaijan, November 12. The European Bank for Reconstruction and Development (EBRD) is working with 18 countries to develop a renewable energy auction system, EBRD President Odile Renaud-Basso said at a ministerial dialogue themed "Scaling up Investment for Tripling Renewables and Doubling Energy Efficiency" within COP29 in Baku today, Trend reports.
"The role and support of multilateral development banks that we can provide go beyond just financing and are also related to political support. We help countries develop a regulatory framework that attracts private investments. The EBRD is working with many countries on developing renewable energy auction systems to achieve better electricity prices.
Currently, we are supporting 18 countries under this program, and we have projects planned for five gigawatts, including auctions in Azerbaijan, Bulgaria, Moldova, Montenegro, and Romania. We have already developed similar frameworks with Albania, Egypt, Kazakhstan, Serbia, and Uzbekistan," she added.
To note, the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), which will run until November 22, opened on November 11 at the Baku Olympic Stadium.
The event is the largest organized by Azerbaijan to date and is the first time the region has hosted the event in Azerbaijan. Within COP29, the highest-level event - the summit of world leaders on climate action - will be held on November 12–13.
The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantitative Goal (NCQG) on climate finance. The COP29 chairmanship has launched 14 initiatives that include linkages between climate action and the Sustainable Development Goals, including green energy corridors, green energy storage, harmony for climate resilience, clean hydrogen, methane reduction in organic waste, action on green digital technologies, and other topics.
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