Baku 10° C
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Azerbaijan has significant natural gas reserves and is ready to increase supplies to strengthen energy security on a broader regional scale, Azerbaijan's deputy energy minister, Orkhan Zeynalov, said at an event dedicated to the topic "Innovative paths to a greener future: renewable energy sources and emission reduction," Report informs.
He noted that Azerbaijan remains a strategic supplier of traditional energy resources to European and global markets. "Over the past four years, we have strengthened our support for Europe's energy system and continue to make our contribution. Two key conditions are necessary for further expansion of export supplies: first, financing and support from international financial institutions; second, long-term agreements and guarantees from buyers and partners. These factors, as well as reliable procedural mechanisms, are critically important. Azerbaijan has significant gas reserves and is ready to increase supplies to contribute to strengthening energy security in a broader regional context," Zeynalov said.
He noted that at the same time, the country is actively investing in green energy projects: "These projects not only contribute to the diversification of the economy and energy balance but also bring significant economic benefits. First, the development of renewable energy strengthens resilience to climate change. Second, it allows for the release of additional volumes of gas previously used at power plants. By 2027, we plan to implement 10 renewable energy projects that will provide about 2 gigawatts of installed capacity and attract investments worth $2.7 billion."
Zeynalov added that the country has already moved to the second phase of development, which plans to involve almost 5 billion cubic meters of gas.
According to him, by 2030, it is planned to export 65% of the energy produced within the framework of RES, and by 2027 to implement further steps along four key strategic corridors.
