Ministerial Dialogue: Scaling Up Investment for Tripling Renewables and Doubling Energy Efficiency was held at COP29

Within the COP29, Ministerial Dialogue: scaling up investment for tripling the capacity for renewables and doubling energy efficiency by 2030 was held. The event brought together decision makers, international organizations and representatives of financial institutions to review the progress made, re-highlight the commitments made and discuss cooperation and investment to achieve these goals. In the opening part of the event, Minister of Energy Parviz Shahbazov, Assistant Minister of Foreign Affairs of the UAE for Energy and Sustainability Abdulla Balalaa, EU Commissioner for Climate Change Wopke Hoekstra, Executive Director of the International Energy Agency Fatih Birol and Director-General of the International Renewable Energy Agency Francesco La Camera.

Energy Minister Parviz Shahbazov said: "This global event represents a pivotal milestone in our journey toward the ambitious goals of tripling renewable energy and doubling energy efficiency. COP29 is the new driving force behind global efforts to accelerate the implementation and progress of these commitments, focusing on removing barriers to a swift energy transition. It is of critical importance that the financial backing and initiatives such as the Green Energy Zones and Corridors Pledge, the Global Energy Storage and Grids Pledge, and the Hydrogen Declaration, led by the COP29 Presidency, are supported broadly. To effectively implement these initiatives and achieve a genuine transformation in the energy transition, strong collaboration and support from every country, organization, and sector are crucial. Let us fully commit to our responsibilities, mobilize our financial and technological resources, and take resolute action for the sake of our future.

The Minister also said that aligned with its development priorities as a green growth country and a supplier of green electricity and green gases by 2030, Azerbaijan is undertaking ambitious mega projects to enhance its renewable energy potential on both national and international levels: "The solar and wind power plants with a capacity of 2,250 MW to be commissioned by 2030 will increase the share of renewable energy in installed capacity to 35.5%. This not only updates our 30% target but also signifies a more than sevenfold increase in the share of solar and wind energy within our energy system. During this period, one of our key strategic goals is to create an additional 5 GW of energy capacity and ensure the supply of this energy to Europe through the Caspian-Black Sea-Europe and Azerbaijan-Türkiye-Europe corridors, as well as to establish the Azerbaijan-Central Asia green energy corridor for the flow of renewable energy from Kazakhstan and Uzbekistan. If these regional green energy corridors are interconnected and directed toward Europe, Azerbaijan will significantly contribute to the transition to green energy for itself and countries across a broad geography from Asia to Europe, as well as to the fulfillment of global commitments by 2030."

The participants also discussed the Global Energy Storage and Networks initiative of the COP29 presidency, whose main objective is to increase renewable energy production.

After the opening session, the event continued with panel discussions on Progress made by the international community within a year and Bridging the financial gap.

It should be noted that represtatives more than 40 countries and organizations took part at the event.