The development of cooperation with the World Bank was discussed at the Ministry of Energy

Energy Minister Parviz Shahbazov and Infrastructure Regional Director for Europe and Central Asia of the World Bank Charles Joseph Cormier held a meeting.

The development of cooperation with the World Bank within the current status of Azerbaijan's policy and plans for the development of natural gas and renewable energy sectors was discussed at the meeting. In particular, based on the analysis carried out by the World Bank, an exchange of views was held on the demand for gas supply and the prospects for attracting investment in this area, as well as Azerbaijan's activities in the direction of energy transition and the implementation of the goal of increasing the share of renewable energy sources in electricity generation capacity by 2030 to 30%.

The diversification project in the aspect of stability in energy security was discussed the importance of expanding the Southern Gas Corridor, and in this regard, cooperation with financial institutions was considered. Projects implemented jointly with the World Bank in the fields of renewable energy and energy efficiency were also discussed. It was noted that the International Finance Corporation (IFC) is currently cooperating within the road map on the use of offshore wind energy, as well as on the projects providing consulting services on the energy efficiency component of the Azerbaijan Rapid Technical Assistance Facility (AZTAF), Support for the Expansion of Renewable Energy Capacities in the Energy System of Azerbaijan”. At the same time, it was noted that a state program on strengthening the electric power network is being developed in order to integrate 1862 MW renewable energy plants into the grid.

During the conversation, the possibilities of cooperation with the World Bank participating in the feasibility study of the Georgia-Romania Black Sea Submarine Energy and Digital Cable Project and the transfer of green energy through the Caspian-European Union Green Energy Corridor and Nakhchivan via Türkiye-Europe, as well as other potential directions were evaluated.