BAKU, Azerbaijan, November 20. Azerbaijan's Ministry of Energy signed a Memorandum of Understanding (MoU) on energy storage with China Southern Power Grid International (Hong Kong) Co., Ltd. and Powerchina Huadong Engineering Corporation Limited at COP29 in Azerbaijan's Baku, Trend reports via the ministry's statement.
The MoU delineates collaboration in domains including pumped hydro storage systems (PHS), battery energy storage systems (BESS), high-voltage direct current (HVDC) transmission systems, and further technologies for alternative energy transmission, distribution, and grid modernization. A steering committee and a working group will be formed to improve coordination and supervise the processes for effective implementation.
Before the signing ceremony, the Energy Minister Parviz Shahbazov met with delegations from the companies, led by Vice Presidents Fan Yalang, Liu Shaoquan, and Zhu Bo.
The meeting discussed the strategic partnership between Azerbaijan and China as well as prospects for cooperation in renewable energy and energy storage technologies under the memorandum.
Azerbaijan's efforts to expand green energy production and promote the development of energy corridors regionally and globally were highlighted.
Additionally, the participation of Chinese companies in this process was viewed positively in terms of integrating modern technologies and innovative solutions.
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.
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.
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