Energy Minister Parviz Shahbazov spoke at the Voice of Global South Summit

Energy Minister Parviz Shahbazov took part online at the energy ministers` session on favorable and inclusive energy transition for sustainable development within the the second Voice of Global South Summit.

The speech focused on the challenges and opportunities of the energy transition in the context of the role of renewable energy sources in sustainable development and the need to reduce carbon emissions. It was noted that although the energy transition does not have a single formula depending on many factors such as the development of countries, the level of energy security, uneven distribution of investments, a fair, favorable and inclusive transition is the common interest of all.

The minister pointed out that Azerbaijan, which plays a strategic role in energy supply on a regional and European scale, is a supporter of a balanced approach to the energy transition, and in this regard, develops traditional and renewable energy sources in unity. It was noted that this policy ensures sustainability in energy supply, meeting the needs of energy resources and the implementation of green plans: “We cooperate with international energy companies on the implementation of green energy projects up to 10 GW for domestic consumption, decarbonization of the economy and export in the coming decade. By 2027, as a result of the integration of 1870 MW of green energy into our energy system, the share of renewable energy is expected to reach 33% in electricity investment and from the current 7% to 25% in electricity generation. This means that by 2030 our goal of 30% will be overfulfilled.”

It was also mentioned about Azerbaijan's strategic priorities in the field of energy export and regional cooperation: “Our strategic priorities are to create the Caspian-Black Sea - Europe and Azerbaijan - Türkiye - Europe corridors and export more than 5 GW of green energy through diversified routes. These corridors promise the possibility of transporting green energy from Central Asian countries,” the Minister said.

It should be noted that the first Voice of the Global South Summit, in which Azerbaijan is also represented, was held in January this year.