Elnur Soltanov: Azerbaijan will reduce greenhouse gas emissions by 40% until 2050

The Ministry of Energy of Azerbaijan has organized a conference on renewable energy within the framework of the Dubai Expo 2020 World Exhibition "Connecting minds, creating the future" in Dubai, United Arab Emirates (UAE).

Investors participating in the event, aimed at attracting foreign investment in the field of "green energy" in Azerbaijan, were informed about the country's renewable energy potential, strategic goals, work done to improve the legal framework, and opportunities for cooperation with the private sector.

Azerbaijani Deputy Energy Minister Elnur Soltanov said that multilateral cooperation involving the public and private sectors, financial institutions, international organizations, and other stakeholders is essential when the challenges to energy and environmental security are facing urgent changes in the energy sector.

At COP26, the Deputy Minister informed the participants that Azerbaijan had made an additional voluntary commitment to reduce greenhouse gas emissions by 40% until 2050.

"The President of the Republic of Azerbaijan Ilham Aliyev said that one of the strategic goals reflecting the clear vision of long-term sustainable development is to increase the share of renewable energy in the country's total installed capacity to 30% over the next decade. Thus, one of the main priorities for achieving this purpose, which envisages the commissioning of new production facilities of 1,500 megawatts, is to attract private and foreign investment in this area," the statement said.

Then, representatives of the Ministry of Energy demonstrated a video and presentation on support mechanisms to promote the production of "green electricity" in Azerbaijan, normative documents aimed at attracting investment, information on renewable energy auctions to be held in the near future.

It was brought to the attention of the participants that Azerbaijani territories liberated from Armenian occupation have been declared a "green energy zone", a detailed draft concept for establishing this zone with the involvement of the Japanese company TEPSCO has been prepared, and a relevant Master Plan is being developed. The goals and plans for the maximum use of "green energy" in Karabakh and East Zangazur have further expanded the opportunities for cooperation with the private sector.

Representatives of the International Renewable Energy Agency, bp, Acwa Power, and Masdar made presentations on the current investment climate in the renewable energy sector in Azerbaijan and provided detailed information on industrial-scale wind and solar energy projects planned to be implemented in the country through private investment.

After the two-hour conference, the participants visited the Azerbaijani pavilion "Seeds for the Future", which covers an area of more than 2,000 square meters. Information about Azerbaijan was presented through technological flowers, a technological forest of five digital trees, a multifunctional interactive table installation, and other innovative technologies.