Azerbaijan will allocate preferential loans and grants for energy efficiency and renewable energy projects, as well as implement pilot projects, Minister of Energy Parviz Shahbazov said in his article published in an official newspaper, Report informs.
According to him, the "Energy Efficiency Fund" is planned to be established under the Ministry of Energy: "In this regard, the Ministry has prepared draft rules that include the formation and use of the Fund's budget."
He said that after the establishment of this fund, there will be a need for support for its management and operation based on international experience: "In this regard, the World Bank is planning to implement the project "Providing consulting services on the energy efficiency component" within the framework of the Azerbaijan Rapid Technical Assistance Facility (AZTAF)."
Shahbazov noted that at the same time, the European Bank for Reconstruction and Development (EBRD) plans to implement the technical assistance project "Low-carbon solutions in the electric power sector of Azerbaijan" in order to increase efficiency and reduce carbon emissions in power plants operating in Azerbaijan.