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August 8, 2022

Dubai New Style

News site from Dubai Global News

Azerbaijan seeks investments in renewable energy as it confirms plans to reduce greenhouse gas emissions 40 per cent by 2050

DUBAI, 11 November 2021 – Azerbaijan is seeking foreign investment in the green energy sector as it seeks to achieve its fresh target to slash greenhouse gas emissions up to 40 per cent by 2050, set at the UN Climate Change Conference (COP 26).

Speaking at Expo 2020 Dubai at a conference on ‘Investment Opportunities in Azerbaijan’s Renewable Energy Sector’, Azerbaijan’s Deputy Minister of Energy, Elnur Soltanov said that multilateral cooperation involving public and private sectors, financial institutions, international organisations and other stakeholders is of great importance, as the sector faces several challenges.

A key target is to increase the share of renewable energy in Azerbaijan’s total installed capacity in electricity to 30 per cent over the next decade, and one of the pillars of this strategy is the commissioning of new production capacities of 1,500MW, which requires foreign investment.

Potential investors participating in the conference were briefed on the renewable energy potential of Azerbaijan, its strategic targets in the field, the work done to improve the legislative framework, and the opportunities available for private sector collaboration.

The conference, organised by the Azerbaijan Ministry of Energy, included presentations by representatives of the International Renewable Energy Agency (IRENA), BP, ACWA Power and Masdar on the current investment environment in the field of renewable energy in Azerbaijan, and gave detailed information on utility-scale wind and solar energy projects planned to be implemented through private investment

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