At the WindEnergy Hamburg conference, the financing of green energy in Azerbaijan was discussed

Energy Minister Parviz Shahbazov delivered a speak at the panel session on Investment and Global Cooperation at the Wind Energy Hamburg conference. It was noted that our country has confirmed its acceptance of renewable energy as a unique and effective solution for a safe climate and Energy-backed future with its transformative development strategy until 2030 and its new energy policy that prioritizes green energy. Azerbaijan's success in fostering investment and global cooperation in renewable energy was stated: "Thanks to the fertile investment and cooperation environment, our 2 GW green energy projects are financed by international investors. Investments of around $2 billion and our partnerships with leading energy companies will enable us to increase the share of renewable energy in the installed capacity to 33% by 2027. To this end, financial support from the EBRD and the World Bank, as well as the state, was involved in strengthening the network for the timely and trouble-free integration of these power plants into the grid.”

The production of 18 GW of electricity based on the 157 GW wind energy potential of the Caspian Sea until 2037, which will be implemented in stages with international energy companies, “green hydrogen” and “green ammonia”, as well as three “green energy corridors” projects were informed. In particular, the Caspian-Black Sea-European Green Energy Corridor was assessed as a project in the strategic interest of the European Union in the context of plans to increase electricity demand by 2040 by 50%, hydrogen imports and energy security. Extensive cooperation opportunities on the production of equipment for offshore wind power plants, hydrogen, energy storage systems, the Green Energy Corridor Project, coordination of European electricity consumers with wind energy produced in Azerbaijan to optimize the flow of electricity were also highlighted in the aspect of developing partnerships with the European Wind Energy Association and German companies.

It was also noted that Azerbaijan's Eurasian-scale green energy activity has shaped COP29's energy initiatives aimed at eliminating bottlenecks to achieve net zero in the world. It was noted that the initiatives such as Green Energy Zones and Corridors Pledge, Global Energy Storage and Grids Pledge, as well as Hydrogen Declaration, which envisage the establishment of interregional green energy connections by 2030, increasing the capacity of global energy storage by six times to 1500GW, repairing or connecting more than 80 million kilometers of energy networks to the general network system, the development of the hydrogen industry will increase the investment flow. "We believe that if COP28 proposed the goal of tripling renewable energy and doubling energy efficiency, COP29 will be a platform supporting the achievement of these goals." - the Minister added. 

The event continued with discussions on the activities of the COP29 Chairmanship on financing the energy transition and Azerbaijan's energy policy balancing traditional and renewable energies.