Azernews.Az

By Ayya Lmahamad

Karabakh and East Zangazur Economic Regions have renewable energy potential to the tune of over 10,000 MW, including hydro, wind, and solar power, Azerbaijan’s Center for Analysis of Economic Reforms and Communications Executive Director Vusal Gasimli said.

He made the remarks at the presentation of the “Green Economy” book, Azernews reports per Trend.

“Rehabilitation of hydroelectric power plants, as well as engagement of foreign partners, including bp and Aqua Power, in the wind and solar energy production, testify to the green energy capacity and activities carried out in this regard,” he said.

Noting the existence of nearly 3 billion cubic meters of water resources in liberated lands, he underlined that these resources will play a crucial role in providing drinking and irrigation water, thus constituting a key part of the green economy.

Green finance concept

Speaking at the event, he also noted that the aim of the green finance concept is to increase the level of financial inflows from the public, private and non-commercial sectors into the implementation of sustainable development goals in such sectors as banking, microcredit, insurance and investments.

He noted that the key part is managing environmental and social risks more effectively, seizing opportunities that provide a decent rate of return and environmental benefits, and making more responsible investment decisions.

“Green financial products and services provided as part of green finance are divided into four main groups: retail financing, green corporate loans and investments, green asset management, and green insurance,” he said.

The book is intended to support the development of state programs for economic development, strategic documents, and regional and local projects, contributing to the formation of green thinking and lifestyle in Azerbaijan. Moreover, the book pays great attention to the work carried out to turn Azerbaijan’s liberated territories into a zone of green energy.

The book consists of three sections and seven chapters.

Use of land & water resources

Deputy Agriculture Minister Sarvan Jafarov stated that a total of 55 percent of the land fund in Azerbaijan is agricultural land and most of it needs irrigation.

Noting that the drought of the last 4-5 years has led to the exhaustion of the existing water resources and an ecological catastrophe, he underlined that the increase in manufacturing of agricultural production, as well as rational use of existing land and water resources, is the main task.

"In addition, a committee on ensuring the efficient use of water resources has been created, and these issues are being discussed with the participation of the relevant state structures," he said.

Orchards areas in liberated territories

Moreover, Sarvan Jafarov stated that Azerbaijan will establish orchards on 130 ha of land in liberated territories by 2023.

Noting that the ministry keeps taking actions for the efficient use of the economic and agricultural potential of these territories, he mentioned that 50,000 ha of land was sown during the period from 2021 through 2022.

“The ministry carried out the practice of planting different crops on a given land area. In addition, orchards of ​​1,800 ha have been established, and the creation of ​​130 ha fruit gardens is scheduled for 2023,” he said.

Alternative energy use

Vusal Gasimli also told reporters that the use of alternative energy sources in Azerbaijan will reach 24 percent by 2026 and 30 percent by 2030.

“It is planned to increase the share of green coverage in Azerbaijan to 12.3 percent, and the use of alternative sources in electricity generation up to 24 percent in the next four years,” he said.

He emphasized that within the framework of this strategic priority, it is provided to reduce the proportion of land unsuitable for use to 15 percent.

“In Azerbaijan, by 2026, the level of provision of the population with drinking water will be brought up to 85 percent, and the level of provision of water for irrigation - up to 90 percent,” he said.

In this regard, Vusal Gasimli highlighted that in order to achieve all these results, the government, international development partners and representatives of entrepreneurs must work together.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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