Baku to host investment forum on energy transition of Central Asian countries within COP29

The energy ministers of the Organization of Turkic States (OTS) have agreed to establish an Energy Coordination Committee and a Regional Center for Technologies and Green Initiatives, Report informs referring to Azerbaijan's Ministry of Energy.

Following the fourth meeting held in Bishkek on September 16, the energy ministers of the OTS signed a Joint Communique.

“The communique expresses support for the creation of the OTS Energy Coordination Committee, the Regional Center for Technologies and Green Initiatives, as well as green energy corridors. The document also expresses the readiness of the Turkic states to take an active part in the Energy Day, which will be held in Baku on November 15 as part of COP29,” the report says.

In his speech at the meeting, Azerbaijani Energy Minister Parviz Shahbazov noted that in 2023, Azerbaijan's trade turnover with the OTS member and observer countries exceeded $9 billion last year. Investments of these countries in the economy of Azerbaijan amounted to $18.2 billion, the volume of Azerbaijani investments in these countries - $20.3 billion, he noted.

He also said that in the near future it is planned to sign the "Intergovernmental Agreement on Strategic Partnership in the Development and Transfer of Green Energy between Azerbaijan, Kazakhstan and Uzbekistan", and cooperation in the field of renewable energy with Kyrgyzstan is also on the agenda.

The minister also said that within the COP29, an Investment Forum on the Energy Transition of Central Asian Countries will be organized, which will be "another opportunity for our solidarity for the sake of green energy goals".

Azerbaijan, Türkiye, Kazakhstan, Kyrgyzstan and Uzbekistan are members of the OTS, Hungary, Turkmenistan and the Turkish Republic of Northern Cyprus have observer status in this organization.