Azerbaijan is open to cooperation with investors, and the country, as a traditional energy producer, has formed a good group of international energy companies and national leaders investing in renewable energy projects, Azerbaijani Minister of Economy Mikayil Jabbarov told the China Global Television Network (CGTN), Ednews informs.

“We have been investing systemically both institutionally and also in terms of economic policy and infrastructure in ensuring smooth energy transition. According to our national goals by 2030, 30 percent of our energy demand will need to be covered from renewable sources, we are well ahead of that plan,” he said.

“It is of no coincidence in that regard that our country has been entrusted decision by consensus to host COP29, a task that we take absolutely responsibly and seriously and we seek to contribute to this process.

Azerbaijan is honored to preside over and chair COP29. Our focus and theme this year will be climate finance. We are looking to work hand in hand with stakeholders to contribute to new initiatives – COP29 will be an exciting journey. I would like the world to adhere to the stated principles and commit to real action at COP29,” the minister added.

“Talking of energy transition and renewable energy production, I think I also want to mention that we continue to be a pan-European supplier in terms of the fossil fuels both oil and natural gas. It is only natural that we are planning a project that aims at exporting green energy to the European Union and this is a regional project initiated by Azerbaijan jointly with Georgia, Bulgaria, Romania, now Hungary. This project envisages production of wind and solar energy in Azerbaijan and transmission to European markets via the Black Sea.”

An agreement on a strategic partnership in the development and delivery of green energy was signed on December 17, 2022 in Bucharest by the heads of state and government of Azerbaijan, Georgia, Romania and Hungary. The energy bridge will be designed to supply green electricity produced in Azerbaijan (Agstafa district), through Georgia (port of Kulevi) and the Black Sea to Romania (port of Constanta) for subsequent transportation to Hungary and the rest of Europe.

Azerbaijan initially plans to export 4 GW of green energy to Europe via the Black Sea.

The potential of onshore wind and solar energy in Azerbaijan is 27 GW, and the potential of the liberated territories is 10 GW. The Azerbaijani sector of the Caspian Sea has a wind energy potential of 157 GW. The share of renewable energy in the country’s total installed electricity capacity is planned to increase to 33% by 2027.