Mikayil Jabbarov: Azerbaijan building green bridges between Europe, Central Asia

Azerbaijan is strengthening its partnership with the EU and Central Asian countries to expand renewable energy supply opportunities, Azerbaijani Economy Minister Mikayil Jabbarov said at the panel discussion "Azerbaijan: emerging gateway to green growth and connectivity" within the annual meeting of the European Bank for Reconstruction and Development (EBRD) in London, Report informs.

He noted that all of Azerbaijan's renewable energy projects are being implemented by the private sector, primarily with the participation of foreign and local investors.

The Azerbaijani government, through SOCAR, is open to acquiring a minority stake in projects at the request of partner investors, he added.

Thus, when national resources are invested alongside foreign investments, this is a clear signal of Azerbaijan's commitment to the energy transition, the minister emphasized.

He added that for Azerbaijan, the transition to green energy is not only an ideological choice, but, above all, an economically sound decision.

Despite that a significant portion of state revenues is still generated by traditional energy sources, Azerbaijan is confident that sustainable development of renewable energy is possible when such projects have a solid economic basis and are of interest to investors, Mikayil Jabbarov noted.