Azerbaijan, World Bank discuss renewable energy project

Azerbaijan and the World Bank have recently engaged in discussions regarding the Azerbaijan Scaling-Up Renewable Energy (AZURE) Project.

The meeting was held under the leadership of Samir Akhundov, Chairman of the Energy Regulatory Agency of Azerbaijan, who hosted a visiting World Bank delegation led by Senior Energy Specialist Roger Coma-Cunill, Caliber.Az reports, citing the agency.

The meeting focused on evaluating AZURE in light of recent project adjustments, technical assistance to support the energy sector, tariff policy issues, and prospects for further cooperation.

The Azerbaijan Scaling-Up Renewable Energy Project (AZURE) is a collaborative initiative between the Government of Azerbaijan and the World Bank aimed at advancing the country's renewable energy sector. The project focuses on increasing the share of renewable energy in Azerbaijan's energy mix while ensuring sustainable development and reducing environmental impacts.

Key objectives include the development of renewable energy infrastructure, technical capacity building, and implementing policy frameworks to support renewable energy investments. Reports on AZURE detail its environmental and social considerations, including impact assessments and strategies for mitigating potential risks. The project also emphasizes cooperation between international financial institutions and local stakeholders to address tariff policies, regulatory improvements, and long-term energy sector sustainability.

By Khagan Isayev