Development of energy partnership between Azerbaijan and World Bank discussed

A meeting was held at the Ministry of Energy between the Minister of Energy Parviz Shahbazov and the Delegation on Energy Issues led by World Bank Practice Manager Stephanie Gil. Issues related to the development of partnership in the energy sector between Azerbaijan and the World Bank were discussed at the meeting.

The current state of cooperation with the World Bank and the next steps to strengthen the network in order to integrate renewable energy capacities up to 2 GW into the energy system in our country, as well as support for the use of offshore wind energy at the next stage by 2027 were considered. Energy Minister Parviz Shahbazov stressed the importance of accelerating the process of strengthening the network and noted the importance of the World Bank's support in this direction. In was announced that the feasibility study of the project of Caspian-Black Sea - European Green Energy Corridor was by the Italian company CESI, and the necessity of expanding the activities of the World Bank from the Black Sea Submarine Cable Project to the corridor connecting the four countries as a whole was mentioned. During the conversation, cooperation with the bank on hydrogen, geothermal energy, holding auctions, installation of rooftop solar energy systems, energy efficiency, reduction of carbon emissions, as well as the issues arising from the application of the new Law on Electric Power Engineering were also evaluated.

World Bank Practice Manager Stephanie Gil expressed her satisfaction with the policy of Azerbaijan, which will host the 29th Session of the Conference of parties to the UN Framework Convention on Climate Change (COP29), which is aimed at the widespread use of renewable energy potential and the development of a Green Energy Corridor. In addition to strengthening the network for the integration of renewable energy capacities into the energy system in our country and energy efficiency, the World Bank's support for the development of other components of the green energy course was brought to the attention.