Azerbaijan's Energy Minister: Diversification сrucial for stability in energy market

During his speech at the Forum on "Strengthening Energy Security by Leveraging Innovative Technologies" held within the framework of the Belt and Road Energy Ministers' Meeting in China, Minister Parviz Shahbazov emphasized the importance of diversification for market stability, reliable supply, and efficient management of variability in renewable energy.

The minister highlighted that diversification is also a key priority for the modern global energy architecture based on renewable energy sources. He stated, "We live in a world where energy security and diversification are not just a choice, but a vital necessity."

Shahbazov noted that Azerbaijan's pioneering projects, such as the Baku-Tbilisi-Ceyhan and Southern Gas Corridor, have become unique models of diversified energy sources and routes, connecting the Caspian Sea with the Mediterranean and Adriatic Seas for the first time in history and transforming Europe's energy map. Thanks to these diversified routes, Azerbaijan supplies gas to 10 countries and oil to nearly 30 countries. Last year, 75% of Azerbaijan's oil exports and 50% of its gas supply went to Europe.

The minister emphasized Azerbaijan's proven track record as a reliable partner in ensuring global energy security. Now, the country is implementing a strategic agenda to further diversify and expand its role in energy supply with "green energy." Creating "green energy corridors" towards Türkiye, Europe, and Central Asia is a crucial priority of this agenda, the minisgter said.

Shahbazov announced that the preliminary report on the feasibility study of the "Caspian-Black Sea-Europe Green Energy Corridor" project will be presented at the "Leaders' Summit on the Caspian-Black Sea-Europe Green Energy Corridor" during COP29, with the project entering its active implementation phase from 2025. The "Azerbaijan-Turkey-Europe" green energy corridor, part of the "Green Energy Zone" Concept, with a transmission capacity of 1 GW, has also begun its feasibility study.

The Minister stressed that these corridors are unique projects addressing global challenges related to the crucial role of interconnectors in enhancing grid resilience, supporting wider integration of renewable energy between regions, and ensuring balancing. These "green energy corridors" will strengthen supply security and accelerate the transition to clean energy while contributing to the Belt and Road Initiative's goals of energy security, ecological sustainability, and economic development.

Azerbaijan has declared the development of "green energy corridors" and interconnectors as the main energy initiative of its COP29 Presidency, showcasing its commitment to a sustainable energy future.