popular articles

Azerbaijan invests 2 billion in renewable energies

Azerbaijan is investing over $2 billion in renewable energies, aiming to increase their share to 33% by 2027 and reduce CO2 emissions before COP29.
Investissements verts Azerbaïdjan

Please share:

Azerbaijan has announced a massive investment of over $2 billion to develop renewable energies, with the aim of boosting its share of the energy sector. This initiative comes just a few months ahead of Baku’s hosting of COP29 in November, a major event for global climate commitments. Azerbaijan currently has around 2.5 trillion cubic meters of natural gas reserves, according to BP’s 2021 statistical report. The country plans to double its gas exports to Europe by 2027. However, although emissions from natural gas are lower than those from coal or oil, they are still significantly higher than those from green energy sources.

A strategic shift towards renewable energies

In a recent speech, Energy Minister Parviz Shahbazov stated that the country plans to increase the installed capacity of renewable energies to almost 2 gigawatts by 2027, bringing their share to 33%. Currently, this share is 20.86%, and only 8.5% of the electricity generated in the first quarter of 2024 comes from renewable sources. To achieve these goals, Azerbaijan is focusing on the development of wind and solar projects, as well as the construction of an electricity cable under the Black Sea to transfer green energy from future wind farms in the Caspian Sea to Europe.

Environmental and economic impact

According to Shahbazov, investment in renewable energies will generate 5.3 billion kilowatt-hours of electricity, saving 1.2 billion cubic meters of gas and reducing CO2 emissions by 2.5 million tons. These measures are crucial to improving the country’s environmental footprint and supporting its international ambitions for sustainable development. Nevertheless, Azerbaijan has no plans to abandon fossil fuels. Despite a global decline in fossil fuel financing and a lack of long-term demand guarantees, the country remains committed to supplying gas to its partners, Shahbazov added. The challenges of Azerbaijan’s energy transition are manifold. By increasing the share of renewable energies, the country can reduce its dependence on fossil fuels and improve its environmental reputation on the international stage. However, balancing sustainable development ambitions with economic realities remains a major challenge. Azerbaijan’s efforts to diversify its energy mix could serve as a model for other fossil-rich countries, demonstrating that strategic investment in renewable energies can support a greener, more sustainable energy transition.
Azerbaijan’s initiative to develop renewable energies is a significant step towards reducing emissions and improving its environmental footprint. These investments, if carried out as planned, could transform the country’s energy landscape and strengthen its position ahead of COP29.

Register free of charge for uninterrupted access.

Publicite

Recently published in

Spanish authorities and grid operator REE denied conducting any experiment on the national electricity network prior to the massive outage on April 28, the cause of which remains unknown.
Three trade trajectories projected by Wood Mackenzie show how tariff tensions could shift demand, prices and investment in the global energy sector.
Three trade trajectories projected by Wood Mackenzie show how tariff tensions could shift demand, prices and investment in the global energy sector.
The European Commission states the Union is on track to cut emissions by 54% by 2030, following updated national plans.
The European Commission states the Union is on track to cut emissions by 54% by 2030, following updated national plans.
South Korea announces two major tenders totaling 2.25 GW, split between offshore wind and solar, introducing new economic and technical criteria designed to strengthen energy security and attract international investors.
South Korea announces two major tenders totaling 2.25 GW, split between offshore wind and solar, introducing new economic and technical criteria designed to strengthen energy security and attract international investors.
Ember anticipates that a third of ASEAN data centre electricity demand could be met by wind and solar by 2030, without batteries, if appropriate political measures are implemented.
A Rocky Mountain Institute report reveals India’s energy ambition, with electricity demand potentially tripling by 2050, backed by an industrial policy focused on renewable energy.
A Rocky Mountain Institute report reveals India’s energy ambition, with electricity demand potentially tripling by 2050, backed by an industrial policy focused on renewable energy.
The Indonesian government targets a mixed energy expansion involving coal, gas, renewables, and nuclear, requiring IDR2,967.4tn ($235bn) in investment by the end of 2034.
The Indonesian government targets a mixed energy expansion involving coal, gas, renewables, and nuclear, requiring IDR2,967.4tn ($235bn) in investment by the end of 2034.
Canadian Natural Resources Minister Tim Hodgson announces reforms to the energy permitting process, aiming to stimulate investments and strengthen relations between the government and industry.
Canadian Natural Resources Minister Tim Hodgson announces reforms to the energy permitting process, aiming to stimulate investments and strengthen relations between the government and industry.
The U.S. Environmental Protection Agency is finalising a proposal to lift emissions caps for thermal power plants, amid a broader shift toward national energy security.
The Pakistani government is releasing 2,000 megawatts of power to support the development of data centres focused on artificial intelligence and Bitcoin mining, as part of a strategy to attract foreign investment.
The Pakistani government is releasing 2,000 megawatts of power to support the development of data centres focused on artificial intelligence and Bitcoin mining, as part of a strategy to attract foreign investment.
In April, China generated 26% of its electricity from wind and solar, according to Ember, marking a historic first that reflects a rapid rebalancing of its energy mix.
In April, China generated 26% of its electricity from wind and solar, according to Ember, marking a historic first that reflects a rapid rebalancing of its energy mix.
Belgium’s federal parliament has adopted a law authorising the extension of Doel-4 and Tihange-3 reactors and allowing new nuclear construction, ending the nuclear phase-out policy established in 2003.
Belgium’s federal parliament has adopted a law authorising the extension of Doel-4 and Tihange-3 reactors and allowing new nuclear construction, ending the nuclear phase-out policy established in 2003.
The re-elected Australian government is investing heavily in storage, critical minerals and domestic production to meet its target of 82% renewable electricity by 2030.
The US House budget bill outlines a gradual phaseout of tax credits, affecting financing for solar, wind, storage, and clean hydrogen initiatives.
The US House budget bill outlines a gradual phaseout of tax credits, affecting financing for solar, wind, storage, and clean hydrogen initiatives.
China's gas, oil and coal volumes remain above last year’s levels, despite a decline in April compared to the record highs of March.
China's gas, oil and coal volumes remain above last year’s levels, despite a decline in April compared to the record highs of March.
The UK’s energy price cap is expected to fall to £1,720 ($2,187) in July, according to Cornwall Insight, due to recent movements in wholesale markets.
The UK’s energy price cap is expected to fall to £1,720 ($2,187) in July, according to Cornwall Insight, due to recent movements in wholesale markets.
The European Commission releases data on the REPowerEU plan, confirming a sharp drop in Russian fossil fuel purchases and announcing new legislative measures by June.
A partnership between the Indian government and GEAPP provides financial and operational support to early-stage climate-tech firms as part of a national energy strategy.
A partnership between the Indian government and GEAPP provides financial and operational support to early-stage climate-tech firms as part of a national energy strategy.
A $150mn financing package, including $100mn from the World Bank, will support the modernisation of Uzbekistan’s power grid and integration of renewable energy in key regions.
A $150mn financing package, including $100mn from the World Bank, will support the modernisation of Uzbekistan’s power grid and integration of renewable energy in key regions.
A report from the Public Policy Forum calls for accelerating over 500 energy, critical minerals and infrastructure projects to generate CAD1 100bn in Canadian GDP growth.
A report from the Public Policy Forum calls for accelerating over 500 energy, critical minerals and infrastructure projects to generate CAD1 100bn in Canadian GDP growth.
The Danish government is assessing the possibility of authorising new nuclear technologies, marking a major regulatory shift in energy policy after four decades of prohibition.
The Spanish government confirmed no signs of cyberattack were identified after the 28 April blackout that affected much of the Iberian Peninsula.
The Spanish government confirmed no signs of cyberattack were identified after the 28 April blackout that affected much of the Iberian Peninsula.
South African authorities are advocating for an approach that integrates economic development and environmental protection, highlighting global imbalances in climate responsibility.
South African authorities are advocating for an approach that integrates economic development and environmental protection, highlighting global imbalances in climate responsibility.
The European Commission is considering changing environmental laws to accelerate the granting of permits for renewable energy projects across the European Union.
The European Commission is considering changing environmental laws to accelerate the granting of permits for renewable energy projects across the European Union.

Advertising