Baku, Berlin eye German investment in Azerbaijan’s renewable energy projects PHOTO

During COP29, Azerbaijani Economy Minister Mikayil Jabbarov and Energy Minister Parviz Shahbazov held a meeting with Germany's Vice Chancellor and Federal Minister for Economic Affairs and Climate Protection, Robert Habeck.

The meeting highlighted Azerbaijan's strong focus on fostering economic ties with European Union countries, including Germany, particularly in the area of green energy security, Caliber.Az reports.

The discussions explored potential partnerships in various sectors, such as trade, investment, alternative energy, climate change mitigation, and the rebuilding of liberated territories.

The parties also addressed the current state of economic relations, the untapped potential of wind energy in the Caspian Sea, and the involvement of German companies in renewable energy projects.

Furthermore, they discussed green hydrogen initiatives and cooperation on the development of green energy corridors infrastructure.

Notably, COP29, being held at Baku Stadium from November 11 to 22, is Azerbaijan’s largest international event to date and the first time the country has hosted a COP conference. The summit commenced with the signing of key agreements between Azerbaijan and the UNFCCC Secretariat.

A major focus of COP29 is the establishment of a New Collective Quantitative Goal (NCQG) for climate finance. The presidency has introduced 14 initiatives that align climate action with the UN’s Sustainable Development Goals, addressing areas such as green energy corridors, clean hydrogen, and methane reduction. A key proposal is the creation of a Climate Finance Action Fund to support efforts to limit global warming to 1.5°C.

Azerbaijan reaffirmed its commitment to climate action, with President Ilham Aliyev highlighting the country's central role in global climate efforts and sustainable development.

By Aghakazim Guliyev