IFC: Wind and solar power to drive Azerbaijan's decarbonisation

"Climate change is occurring much faster than expected," said Umayra Taghiyeva, Deputy Minister of Ecology and Natural Resources of Azerbaijan, at the conference “Raising Ambition, Enabling Action: COP29 Sustainable Business Forum”, Azernews reports.

"Efforts must be made to mitigate the consequences of climate change. Experts and scientists have concluded that climate change is happening much faster than previously thought. This manifests itself uniquely in each country. Rising sea levels affect all nations," she emphasised.

The official pointed out that Azerbaijan was no exception: "Recently, the country, both in the capital and in the regions, has been experiencing the consequences of climate change: the number of floods has increased, and heat waves have become more frequent."

"All of this affects people's lives and the private sector. To conduct sustainable business, it's necessary to take into account the risks associated with climate change," Taghiyeva added.

Aliya Azimova from the International Finance Corporation (IFC) stated that the organisation is working on a strategy for creating smart villages using green technologies in collaboration with the government of Azerbaijan.

She reminded attendees that, within the World Bank structure, the IFC supported the preparation of a Roadmap for Offshore Wind Energy (OWE) for Azerbaijan. According to this roadmap, the country has the potential to install offshore wind farms with a total capacity of up to 7.2 GW by 2040 (minimum scenario - 1.5 GW).

Azimova noted that wind and solar power plants will pave the way for Azerbaijan's decarbonisation.

She mentioned that the highest greenhouse gas emissions worldwide are observed in four sectors - transport, energy, agriculture, and industry, and the IFC aims to cover these sectors with its research.

Azimova emphasised that an important aspect the IFC focuses on is "green" buildings, and on June 6, a seminar on this topic will be held in Baku.

She also pointed out that the IFC is working on projects for 'green' building certificates worldwide, which are also relevant for Azerbaijan.

"Overall, we are actively working with various companies and structures in Azerbaijan to adapt to new climate conditions and challenges," said Azimova.

She added that adaptation is related not only to greenhouse gas emissions but also to the shrinking of water basins, a problem especially relevant for agriculture and social issues.