BAKU, Azerbaijan, November 16. An investment of $2.8 billion is planned for the renewable energy sector in Azerbaijan by 2027, the Head of the Renewable Energy Zones Development Department of Azerbaijan Renewable Energy Agency (AREA) Fagan Abdurahmanov said during an investment forum on energy transition for Central Asia at COP29 today, Trend reports.
"Azerbaijan has set ambitious goals, and one of these goals is to achieve a 30 percent share of renewable energy in the country’s overall energy balance by 2030. Despite all the challenges, this transition is an important step towards achieving long-term sustainability and energy security.
We understand that this task is not easy, but Azerbaijan has demonstrated that commitment and innovation can transform national energy strategies.
By 2027, an investment of $2.8 billion is planned for renewable energy. As part of this, we plan to build and integrate eight large solar and wind power plants into the national energy system, with a total capacity of about two gigawatts. These two gigawatts are not just a number, but a carefully calculated value based on an assessment conducted by a US company.
A Turkish consulting company has also confirmed this data. This figure reflects the amount of renewable energy that our network will be able to integrate by 2027, taking into account some modernizations and improvements. Of course, this figure also signifies a rapid transition to more environmentally friendly sources of energy," he emphasized.
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