Azerbaijan’s Energy Ministry and the Australian company Fortescue Future Industries (FFI) have signed a framework agreement on cooperation on renewable energy projects in Azerbaijan and the study and development of the green hydrogen potential, Report informs referring to the Ministry of Energy.
The signing ceremony of the framework agreement was held online.
The agreement provides for the study and implementation of projects for the production of renewable energy and green hydrogen in Azerbaijan with a total capacity of up to 12 GW.
Azerbaijani Energy Minister Parviz Shahbazov said that the strategic basis of this agreement is “Azerbaijan 2030: national priorities for socio-economic development”, defined by President of Azerbaijan Ilham Aliyev: “One of the country’s five national priorities - a clean environment and green growth - sets itself goals that coincide with this agreement. Also, the memorandum of understanding signed in July this year by President of Azerbaijan Ilham Aliyev and Head of the European Commission Ursula von der Leyen and creating a clear basis for a green energy corridor between Azerbaijan and the EU should also be emphasized.”
The minister also added that in recent years, consistent strategically important steps have been taken with international energy companies towards the creation of large-scale production capacities for renewable energy sources and the export of green energy: “As a result, Azerbaijan, transforming into a country of green energy, will become an important and reliable partner for the EU, supplying renewable energy sources and hydrogen after oil, natural gas. We believe that our cooperation with Fortescue Future Industries will contribute to the energy security and energy transition of partner countries.”
Fortescue Future Industries Chairman and Founder Andrew Forrest said: “Our discussions with the government of Azerbaijan so far have been overwhelmingly positive and the signing of this framework agreement today once again demonstrates the strong potential for an existing partnership. We see the catastrophic effects of climate change around the world and we know that green hydrogen is a practical solution that could revolutionize reversing these effects, decarbonize heavy industry and help create jobs. While Azerbaijan has historically been an oil and gas country, it is well positioned to join the green industry revolution due to its strategic place in the supply of green energy to European countries. The framework agreement signed today is an important step towards achieving the ambitious goal of the Azerbaijani government to reduce greenhouse gas emissions in the country by 40% by 2050.”