BAKU, Azerbaijan,
March 3. Azerbaijan becomes an exemplary model in
the field of green energy for the region, Sule Kilic, Head of the
Energy Department for the Eurasian Region of the European Bank for
Reconstruction and Development (EBRD), said at the 12th meeting of
the Southern Gas Corridor Advisory Council Ministers and the 4th
meeting of the Green Energy Advisory Council Ministers, held in
Baku today, Trend
reports.
According to her, connectivity encompasses cooperation between
Azerbaijan and other countries in both transport and digital areas
– Georgia, Türkiye, Romania, Hungary, Bulgaria, Uzbekistan, and
Kazakhstan.
“EBRD operates in all of the countries. Azerbaijan has an
important central position, bringing all these countries together,
acting as a real bridge between two continents of the world.
These ambitious infrastructure projects will require large
volumes of renewable energy. Azerbaijan and the region as a whole
can provide this potential. The EBRD is one of the main supporters
of the decarbonization agenda here, including in Azerbaijan. The
bank has financed more than 1.2 gigawatts of renewable energy
capacity in the country. This includes Azerbaijan’s first two
large-scale, privately owned power plants – the 230-megawatt
Garadagh Solar Power Plant and the 240-megawatt Khizi-Absheron wind
power project, as well as the two largest renewable energy projects
in the Caucasus, 445-megawatt and 350-megawatt solar power plants
in Bilasuvar and Neftchala districts, respectively. These projects
are expected to generate approximately 3,000 gigawatt-hours of
clean electricity annually and reduce carbon emissions by more than
1.4 million tons per year," Kilic explained.
She noted that the EBRD’s support for Azerbaijan’s energy
transition and renewable energy development isn't limited to
investments.
“Over the years, the bank, working closely with the Ministry of
Energy of Azerbaijan, has supported the formation of an enabling
environment that encourages investments in the renewable energy
sector through various policy initiatives.
For example, since 2018, the EBRD has been providing technical
assistance in Azerbaijan to develop relevant energy legislation.
This legislative framework is one of the main conditions for
attracting international investors to the Azerbaijani energy
sector, and its successful results can already be seen.
The EBRD also supported the preparation of the first renewable
energy auction held in Azerbaijan, the results of which were
announced within the framework of COP29. The auction was an
important milestone in the country’s renewable energy sector and
resulted in the formation of highly competitive tariffs.
At the same time, Azerbaijan has taken an important step towards
a greener future with the presentation of the National Hydrogen
Strategy, developed with the support of the EBRD within the
framework of COP29. This is a continuation of the bank's support
for the preparation of a market study on a low-carbon hydrogen
economy in Azerbaijan in 2023. That study identified the commercial
viability of green hydrogen production, its supply opportunities
for the regional energy market, as well as domestic consumption
areas.
Currently, the EBRD continues to support the Ministry of Energy
in developing a low-carbon and climate-resilient development
roadmap for the electricity generation sector, as well as in the
implementation of the National Hydrogen Strategy.
We believe that both of these initiatives will create numerous
investment opportunities for private investors not only in
Azerbaijan, but also in the region as a whole. In fact, Azerbaijan
plays the role of an exemplary model for the countries of the
region in these areas," the bank official added.
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