IFC: Azerbaijan's renewable energy export capabilities to grow

The expansion of Azerbaijan's renewable energy capabilities will allow increasing energy exports in the future, the representative of the International Finance Corporation (IFC) in Azerbaijan, Aliya Azimova, said at the event titled “Raising Ambition, Delivering Action: COP29 Sustainable Business Forum”, Report informs.

"At present, one of the main tasks of Azerbaijan is to develop renewable energy resources. The significant solar and wind resources of the country are driving the decarbonization of the energy sector and will create conditions for the export of green energy in the future. It will also support the decarbonization of sectors such as heating and transport", Azimova stated.

She believes that although, policies should be adopted to support energy efficiency across all consumer sectors, to achieve a 5% reduction in final energy demand by 2030 and up to 15% by 2050 compared to the traditional business model.

Assisted by the World Bank and the International Finance Corporation (IFC), Azerbaijan has developed a strategic Roadmap for the advancement of offshore wind energy. This comprehensive plan indicates that, by the year 2040, Azerbaijan could potentially establish up to 7.2 gigawatts (GW) of offshore wind energy facilities. This projection is based on the long-term development of necessary infrastructure and the successful attraction of investments, aligning with the nation’s commitment to decarbonization and sustainable growth. Conversely, the Roadmap also presents a conservative estimate under a low-growth scenario, suggesting a potential capacity of 1.5 GW.