BAKU, Azerbaijan, June 2. At the initiative of
the Ministry of Energy, an event was organized as part of the 31st
Baku Energy Week on “Energy Efficiency & ESCO Investment Platform:
Bridging Global ESCO Expertise with Azerbaijan’s Large Energy
Consumers,” Trend
reports via the country's Ministry of Energy.


The event, attended by representatives of government agencies,
international financial institutions, the private sector, and
international companies, aimed to promote the Energy Service
Company (ESCO) model as an effective investment and institutional
mechanism for improving energy efficiency in Azerbaijan, to
transform international experience into concrete projects, and to
establish direct dialogue between international ESCO companies and
major energy consumers in the country.


Deputy Minister of Energy Elnur Soltanov emphasized that energy
efficiency plays a significant role in the country’s energy policy
and noted the importance of studying and applying international
ESCO experience in this field. The Deputy Minister noted that there
are approximately 500 major energy consumers in Azerbaijan and
stated that energy efficiency measures based on private investment
would benefit consumers, investors, and the country as a whole.


Elmir Musayev, CEO of SOCAR Green, noted that the ADSEA
decarbonization roadmap was developed in collaboration with the
Azerbaijan State Agency for Water Resources (ADSEA) and that, based
on international experience, energy efficiency gains of up to 25
percent could be achieved at that agency.







Representatives from the Turkish Energy Efficiency and
Management Association, Honeywell, ABB, Europower Energy, Boston
Consulting Group, Rapid Solutions, Energazer, Azeraluminium LLC,
Azersun Holding, the Asian Development Bank, the World Bank, and
the European Bank for Reconstruction and Development then took the
floor.


The presentations emphasized the importance of achieving energy
efficiency in terms of enhancing economic competitiveness, reducing
energy costs, strengthening energy security, and cutting greenhouse
gas emissions. It was noted that the results-based financing
mechanisms used by ESCOs allow energy consumers to implement energy
efficiency projects without large upfront investments. Thus, ESCOs
finance energy efficiency measures and recoup their investments
based on the energy savings achieved.


During the discussions, information was presented on the
country’s legislative framework regarding energy efficiency, energy
audits, and energy consumption management. It was noted that
measures are being taken to create a favorable environment for the
development of the energy service company (ESCO) market in
Azerbaijan, and expanding cooperation with international partners
is one of the goals in this regard.