Energy Minister met with World Bank`s Vice President in Washington

Energy Minister Parviz Shahbazov, who is on a visit to the United States of America, met with Antonella Bassani, World Bank Vice President for Europe and Central Asia.

The sides expressed their satisfaction with the multilateral cooperation between Azerbaijan and the World Bank in the field of energy. Increasing the World Bank's support for renewable energy and energy efficiency components of the energy transition in our country, accelerating the implementation of priority projects on the cooperation agenda, as well as cooperation issues within the framework of COP29 were discussed.

Energy Minister Parviz Shahbazov highly appreciated the participation of the World Bank in large-scale activities related to the development of renewable energy, grid strengthening and modernization for domestic consumption and export in Azerbaijan, as well as in the development of a regional Green Energy Corridor. It was noted that in close cooperation with the EBRD and other potential partners of the World Bank, Intensification of the grid strengthening process in order to integrate 8 wind and solar power plants into the energy system by 2027 and for this purpose, the acceleration of financial support is of great importance for the realization of the renewable energy goals of our country. It was emphasized that the Caspian-Black Sea-Europe green energy corridor and cooperation to increase the offshore wind energy potential in the coming years support Azerbaijan to become a green energy supplier. In this regard, information on the preparation of a feasibility study for the corridor covering 4 countries, the creation of a joint venture, as well as the green energy transfer from Central Asia through this corridor was brought to the attention.

Congratulating Azerbaijan on hosting COP29, Vice-President Antonella Bassani said that the World Bank, as the country presiding over COP, is ready to help Azerbaijan demonstrate its progress on the green energy transition, in joint projects realization soon and in the implementation of an ambitious reform agenda.

At the meeting, the sides also exchanged views cooperation on connection of 760 MW Banka and Bilasuvar solar energy projects to the energy system, rooftop solar panels, energy storage systems, “green hydrogen”, energy efficiency and emission reduction .