Azernews.Az

Abbas Ganbay

Read more

The session "COP28 and the Way Forward" was held within the framework of the World Economic Forum, where Economy Minister Mikail Jabbarov spoke, Azernews reports.

The event was also attended by U.S. President's Special Representative for Climate John Kerry, International Energy Agency Director General Fatih Birol, Engie Global Energy Executive Director Catherine MacGregor, and Sally Bazby, the moderator on the topic and executive editor of the U.S. media agency The Washington Post.

Expressing his opinion on the main achievements of COP-28, the Azerbaijani Minister of Economy brought to attention the successes in terms of increasing energy efficiency, renewable energy sources, attention to reducing the use of traditional fuels, and other results. It was noted that Azerbaijan, as the host of COP29, fully realizes its responsibility for the successful implementation of activities in this field.

The Minister noted that Azerbaijan is ready to work with all interested stakeholders to provide financing mechanisms for energy transition, which is the main theme of COP29. It was noted that international financial organizations are important partners in this issue.

"However, the involvement of private investments in the process should also be encouraged. Much depends on governments to provide financing mechanisms for the energy transition." said the Minister.
The Minister also emphasized that the session provided information on the measures taken by Azerbaijan in the energy transition process, the results achieved and the experience gained:

"We have used the country's revenues, including fossil fuel revenues, to start the energy transition. In particular, we are well ahead of our goal of meeting 30% of our energy needs from renewable sources by 2030. If we continue our efforts at the current level, we can reach this goal by 2028." said Mikayil Jabbarov.

---

Follow us on Twitter @AzerNewsAz