IRENA, Azerbaijan COP29 Presidency to hold Energy Transition Investment Forum in Baku

The International Renewable Energy Agency (IRENA), COP29 Presidency and Energy Ministry of Azerbaijan announced today that the first Energy Transition Investment Forum for Central Asia will be hosted in Baku, Azerbaijan, on November 15-16, 2024, Report informs, citing Azerbaijan’s Energy Ministry.

The event is strategically aligned with the COP29 priorities and action agenda outlined by President-Designate Mukhtar Babayev in a recent letter to parties and constituents, focusing on enhancing ambition and enabling action, with climate finance underscored as a top priority.

"Central Asia holds tremendous potential for renewable energy development, yet they face significant challenges in attracting the necessary investment," said IRENA Director-General Francesco La Camera. "The COP29 Energy Transition Investment Forum in Baku is specifically designed to tackle investment barriers, coordinate action among stakeholders, and bring global exposure to projects from this region.”

COP29 President-Designate Mukhtar Babayev added: “Azerbaijan is committed to a green energy transition and there is currently close cooperation with neighboring countries in Central Asia in the field of renewable energy. Initiatives such as the recent agreement between the energy ministers of Azerbaijan, Uzbekistan, and Kazakhstan on the interconnection of electricity systems are testament to this cooperation. When the world gathers in Baku this November, we hope that COP29 can serve as a springboard for Central Asia to progress on a green and just development pathway, aided by a young population, renewable energy capacity, and vibrant economies, and attract the investment needed to continue on this path.”

Minister of Energy Parviz Shahbazov stated: “Azerbaijan is taking crucial steps to realize the initiatives of strategic importance that enable the development of renewable energy with regional projects. Interconnection of the energy systems of Azerbaijan, Kazakhstan, and Uzbekistan and delivering the huge energy potential of the Central Asian countries to the Turkish and European markets through green energy corridors is one of our priorities. We're convinced that the Energy Transition Investment Forum to be jointly held by IRENA and Azerbaijan during COP29 will be a productive platform that will strengthen the green energy partnership with the Central Asian countries, attract investors and energy companies and facilitate our joint projects.”

The two-day forum will offer a platform for enhanced dialogue among governments, financial institutions, investors, development partners, project developers, and other key stakeholders regarding opportunities and challenges in advancing renewable energy development and scaling up investments in energy transition-related technologies to advance the UAE Consensus Outcomes achieved at COP28. It will also feature opportunities for bilateral sessions and an exhibition area showcasing renewable energy projects from the region to global investors and stakeholders.

IRENA invites project developers from Central Asia to submit their renewable energy and energy transition projects for potential matchmaking with investors and financiers at the Investment Forum. Selected projects may also qualify for consideration by the Climate Investment Platform (CIP) and IRENA’s Energy Transition Accelerator Financing (ETAF).