Azerbaijan is confidently advancing its green agenda, which may allow the country to achieve its goals of increasing the share of renewable sources in the overall energy balance ahead of schedule, Deputy Minister of Energy Kamal Abbasov said in Baku at the 8th meeting of the Azerbaijan-Serbia Joint Intergovernmental Commission On Trade and Economic Cooperation, according to Report.
"Currently, we are cooperating with international energy companies to implement green energy projects with a capacity of up to ten gigawatts for domestic consumption, decarbonization of the economy, and export in the next decade. Azerbaijan aims to achieve a 30% share of renewable energy sources in installed capacity by 2030, but at the current pace of energy transition, the share of renewables may reach 32.6% by 2027 and 34.6% by 2030," he said.
Accordingly, intensive work is being carried out within the framework of the strategic partnership agreement on the development and transmission of green energy between the governments of Azerbaijan, Georgia, Romania, and Hungary through the Caspian-Black Sea-European Green Energy Corridor, the deputy minister noted.
"Seven ministerial meetings have been held on the project as of yet, with the next one scheduled for September in Bucharest. The planned capacity of the first stage is four gigawatts. The main feasibility study is expected to be completed by the end of 2024. A joint venture with headquarters in Bucharest is planned to be established in September 2024," he said. "We believe that Serbia's participation in this project will be beneficial for the parties in terms of developing this project."