Azerbaijan, IEA working on new nenewable energy, efficiency commitments

The International Energy Agency (IEA) is working with the Government of Azerbaijan on three new proposals as part of a global commitment to increase renewable energy (RE) capacity and energy efficiency.

The head of the Agency Fatih Birol said this in an interview with Anadolu in London after the second high-level meeting "COP29-IEA", Caliber.Az reports, citing local media.

He recalled that the commitments to triple global renewable energy capacity and double energy efficiency proposed by the IEA at last year's COP28 climate summit were included in the final declaration. However, F. Birol added, the implementation of these commitments requires instruments such as financing.

"In this regard, we are currently working with the Government of Azerbaijan on three new proposals for global commitments. The first of these relates to batteries (energy storage systems). We are working to determine how much battery capacity should increase by 2030. The second is grids, and the third is reducing methane emissions in the region. We are proposing a commitment that will bring Kazakhstan, Turkmenistan and other countries in this region together under the leadership of Azerbaijan. I can say that we will focus on these three issues before COP29," he said.

Stressing that another main topic of the talks is financing of clean energy, F. Birol said that investments in this sphere, especially in developing countries, should increase sixfold.

"Developing countries alone need $2 trillion a year to finance clean energy. In this context, we are working together to develop a financing model and a concrete framework," Birol said.

He recalled that representatives of the financial sector, the European Bank for Reconstruction and Development, the World Bank, the International Finance Corporation and private sector financial institutions took an active part in the second high-level COP29-IEA meeting. According to him, the next meeting [on COP29] will be held within the framework of the UN General Assembly.

"Until then, we will work hard to come with a concrete proposal. Azerbaijan considers us a strategic partner, we cooperate very closely. I think COP29 will bring two important results. Firstly, everyone will accept the three global commitments I mentioned, and secondly, agreement will be reached on new funding targets and how to achieve them," he said.

The 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) will be held in Baku in November this year. This was decided at the COP28 plenary meeting held in Dubai on December 11, 2023.