BAKU, Azerbaijan, November 15. A final decision will be made on funding two solar power plants with a total capacity of 760 MW in Azerbaijan tomorrow, the country's Energy Minister Parviz Shahbazov said during a press conference at COP29 today, Trend reports.
"COP29 is marked by significant achievements reflecting Azerbaijan’s commitment to the green energy transition. In Zangilan, the first industrial solar energy facility with a capacity of 240 MW, developed in partnership with bp, was launched, becoming the largest project with direct foreign investment. We held the ninth meeting of ministers for the Caspian-European Green Energy Corridor project and reviewed the preliminary results of the technical and economic feasibility study.
An intergovernmental agreement on strategic partnership between Azerbaijan, Kazakhstan, and Uzbekistan in the development and transmission of green energy was also signed, and Saudi Arabia joined this trilateral project as a key partner.
Moreover, six agreements were signed with six Chinese companies, Azerbaijan announced its hydrogen strategy, and a memorandum of cooperation was signed with the International Atomic Energy Agency on energy planning in the context of the Paris Agreement.
Today, the opening of the Clean Energy Center of the ECO will take place, and tomorrow, a final decision will be made on the funding of the mentioned two solar power plants," he 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 at the Baku Olympic Stadium on November 11. It is the largest event organized by Azerbaijan to date, and the first time in the region that it is being held in Azerbaijan.
Within COP29, the highest level event - the summit of world leaders on climate action - was 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.
In addition to being a top priority that creates the conditions for action, creating climate finance will also help fulfill the 1.5°C pledge by bringing everyone together.
The UN Framework Convention on Climate Change is an agreement signed at the Rio Earth Summit in June 1992 to prevent dangerous human interference in the climate system. The acronym COP (Conference of Parties) stands for “Conference of Parties” and is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change.
A total of 198 countries are parties to the Convention. Unless otherwise decided by the parties, COP is held annually. The first COP event was held in March 1995 in Berlin, and its secretariat is located in Bonn.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel