Energy minister: Azerbaijan to boost renewable energy share to 30.5% by 2030

Azerbaijan aims to increase the share of renewable energy in its power generation mix to 30.5% by 2030, according to Azerbaijan's Energy Minister, Parviz Shahbazov, speaking at the event "Financing Low-Carbon Technology, Including Nuclear Energy," held as part of COP29.

Shahbazov noted that Azerbaijan has mobilised all its resources to implement specific projects related to renewable energy within a short timeframe, Caliber.Az reports per local media.

"We intend to continue expanding this share and further utilise renewable energy sources across Azerbaijan. The Azerbaijani sector of the Caspian Sea holds significant potential for alternative energy, and we aim to harness this to ensure global energy security," said Shahbazov.

The minister also addressed the topic of Azerbaijan’s cooperation with regional countries in the energy sector.

"We are participating in the 'Green Energy Corridor' project, which extends to the European Union. Additionally, we are involved in important green energy corridor initiatives between Azerbaijan, Kazakhstan, and Uzbekistan. This project aims to connect Azerbaijan with the Central Asian countries. All of this work will contribute not only to energy security but also to energy transformation," Shahbazov emphasised.

Notably, Azerbaijan is developing a green energy corridor linking the Caspian Sea, the Black Sea, and Europe through renewable energy projects. The initiative, centred on an underwater power cable, is set to cost approximately €3.5 billion and could be completed within six years. However, technical and financial challenges must be addressed swiftly for the project's success.

Consulting firm CESI estimates that the cable could deliver 1.5 GW of power, enough to supply two million European households, with further studies underway to assess the potential for expanding capacity to 6 GW. Azerbaijan is advancing this project by constructing solar and wind power plants, attracting investments from companies like Masdar (UAE) and ACWA Power (Saudi Arabia), aiming for a combined capacity of over 11 GW.

In December 2022, Azerbaijan, Georgia, Romania, and Hungary signed an agreement for a Black Sea Energy underwater cable, supported by a €2.3 billion European Commission investment.

By Aghakazim Guliyev