Azerbaijan Energy Minister delivers speech at China International Forum on Energy Transition

Energy Minister Parviz Shahbazov participated online at the China International Forum on Energy Transition under the motto "Jointly promote energy transition for a shared green future," Azernews reports, citing the Ministry.

Speaking at the opening ceremony, the Minister stressed that economic and technological realities are as important factors as political decisions in the implementation of the energy transition. It was noted that the goal of this transition is to completely alter the energy fundamentals of the world economy in a short period of time: "However, the first energy crisis demonstrated that any successful energy transition should take into account all three elements of the energy trilemma, including security, affordability, and sustainability. In addition to accelerating the energy transition, we need investments to the existing energy system, a clear vision, and firm cooperation. We must support a fair and inclusive energy transition that can ensure environmental preservation and energy security."

Energy Minister brought to the attention that Azerbaijan, which plays a strategic role in the energy security of the region and European countries, is pursuing a fast-paced green energy course along with the development of its oil and gas sector by reducing emissions. It was noted that thanks to the high political will and clear strategic vision of the President of the Republic of Azerbaijan H.E. Mr. Ilham Aliyev, green energy has gained a decisive status in the socio-economic development of our country by 2030, with a particular emphasis on clean environment and green growth: "Currently, we are cooperating with international energy companies, including China Gezhouba Group Overseas Investment, on more than 28 GW of green energy projects. It is planned to realize more than 3 GW of these green energy projects by 2027, as a result of which the share of renewable energy sources in the installed capacity of our country will increase to more than 37%. Furthermore, we also have plans to implement another 5 GW of projects by 2030."

It was noted that this in turn will contribute to the transformation of Azerbaijan into an exporter in various directions, as well as the diversification of the energy supply of our European partners with green electricity and hydrogen through the currently implemented Caspian-EU Green Energy Corridor. Confidence was expressed on the further expansion of the green energy partnership between Azerbaijan and China, the participants of the "One Belt, One Road" initiative, and partners and friendly countries that are working together to realize the "Middle Corridor".