Green Energy Corridor development was discussed with the World Bank

Within the Green Energy Corridor: From Feasibility Study to Implementation Forum in Baku, the Minister of Energy Parviz Shahbazov met with Stephanie Gil, the World Bank's Energy Practice Manager in the Europe and Central Asia Region (ECA).

The meeting reviewed cooperation between Azerbaijan and the World Bank in the energy sector, including the AZURE project and technical support for the development of green energy corridors. Cooperation in expanding renewable energy production, strengthening the electricity grid, and creating regional energy interconnections has been highly appreciated.

The Minister stated that the four energy interconnection projects implemented by Azerbaijan with partner countries in various formats aim to connect the electricity systems of Central Asia, the South Caucasus and Europe. The strategic importance of these initiatives in strengthening energy security and the resilience of national energy systems, expanding cross-border electricity trade, and attracting new investments was emphasized. It was noted that the connection of Central Asia's rich solar, wind, and hydro-power resources with access to European markets creates long-term development prospects.

During the discussions, special attention was paid to the matter of the Caspian-Black Sea-Europe Green Energy Corridor. The importance of the World Bank's active participation in this process was emphasized. The development prospects of energy and digital connectivity extending from the Caspian Sea to Central Europe were reviewed, with the addition of a fiber-optic connection to the Green Energy Corridor.

 It was noted that the technical support of the bank includes the assessment of the regulatory environment in the participating countries, electricity demand and supply, cross-border transmission capacities, business models, and financing options.

During the meeting, opportunities for the development of regional electricity markets and the creation of mutual energy flows were also discussed.