EBRD: Auctions are turning point in green energy transition

The organization of auctions in the renewable energy sector is a priority issue for the region and the world, Gianpiero Nacci, Director of the Green Economy and Climate Action Team at the European Bank for Reconstruction and Development (EBRD), stated at an event announcing the winner of the first renewable energy auction for the construction of the 100 MW Gobustan Solar Power Plant in Azerbaijan on the sidelines of COP29, Report informs.

"The successful completion of this auction is a turning point in the green energy transition for both Azerbaijan and the region. This is a strong signal about opportunities in the country and region, meaning truly believing in new private investments in renewable energy and moving towards climate targets," Nacci emphasized.

According to Nacci, this auction is a very good example of how the Azerbaijani government can create conditions for investment in renewable energy and ensure the transition to a more sustainable and diversified energy sector: "In general, auctions in the renewable energy sector are a priority for the region and the world, and as EBRD, we allocate significant resources to implement this."