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Akbar Novruz

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The "Caspian-Black Sea-European Green Energy Corridor" is a strategic project for the European Union, particularly as it prepares for a 50% increase in electricity demand by 2040, with an eye on hydrogen imports and energy security, Azerbaijan's Energy Minister Parviz Shahbazov said, Azernews reports, citing Ministry of Energy.

Speaking as the keynote speaker at the "Investments and Global Cooperation" panel during the "Wind Energy Hamburg" conference, Shahbazov emphasized Azerbaijan's commitment to renewable energy and green development.

Shahbazov noted, "Our country has confirmed that it accepts renewable energy as a unique and effective solution for a future with a safe climate and energy security, with its transformative development strategy until 2030 and the new energy policy that prioritizes 'green energy.'" He highlighted Azerbaijan's success in fostering investment and global cooperation in renewable energy, adding, "Thanks to the fertile investment and cooperation environment, our 2 GW 'green energy' projects are financed by international investors. Investments of around $2 billion and our partnerships with leading energy companies will enable us to increase the share of renewable energy in the installed capacity to 33% by 2027."

Shahbazov also provided insights into the ambitious plans for the production of 18 GW of electricity, "green hydrogen," and "green ammonia," in addition to three "green energy corridor" projects to be implemented by 2037 with international partners. He underscored the importance of cooperation with the European Wind Energy Association and German companies in advancing offshore wind power plant equipment, hydrogen production, energy storage systems, and other green energy initiatives.

"By 2030, we will see the establishment of interregional 'green energy' connections, a sixfold increase in global energy storage capacity, and the integration of over 80 million kilometers of energy networks by 2040," Shahbazov added, referring to Azerbaijan's role in COP29's energy initiatives.

The minister concluded, "We believe that if COP28 proposed the goal of tripling renewable energy and doubling energy efficiency, COP29 will be a platform supporting the achievement of these goals."

The event also featured discussions on Azerbaijan’s balanced energy policy and its efforts to finance the energy transition.

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Akbar Novruz is AzerNews’ staff journalist, follow him on Twitter: @ykwiua

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