Azerbaijan, World Bank discuss work done in country's energy transition

By Azernews

By Ayya Lmahamad

Azerbaijan and the World Bank have discussed the work done in the direction of energy transition in the country, Azernews reports.

The discussion took place during a meeting between Azerbaijani Deputy Energy Minister Samir Valiyev and the World Bank delegation led by Regional Director for the South Caucasus Sebastian Molineus.

During the meeting, the parties discussed wind and solar energy projects implemented in Azerbaijan at the expense of foreign investments, and the creation of a green energy zone in the liberated territories.

Touching upon the future green energy export opportunities of Azerbaijan and the importance of the Black Sea submarine power and digital connectivity projects in this direction, they emphasized the participation of the World Bank in this project.

Moreover, the issues arising from the memorandum of understanding on cooperation in the use of offshore wind energy, signed between the Energy Ministry and the International Finance Corporation, as well as steps taken to realize the wind energy potential of the Azerbaijani section of the Caspian Sea were discussed.

The sides also exchanged views on the liberalization of the electricity market, energy efficiency, green hydrogen export, and other areas, as well as new cooperation opportunities.

In the meantime, a meeting was also held between the WB delegation and Azerbaijani State Oil Company President Rovshan Najaf.

Noting that the effective cooperation between Azerbaijan and the World Bank is successfully developing, the sides emphasized that various projects implemented by the bank in the country have made an important contribution to the sustainable development of the oil and gas industry.

The strategic role of the Southern Gas Corridor project from the standpoint of regional and European energy security was discussed, and the importance of mutually beneficial cooperation with the World Bank in this regard was underscored.

The meeting also discussed prospects for cooperation in ecology, renewable energy, decarbonization, and digitalization sectors.

Azerbaijan joined the WB in 1992. Since then, the bank has financed over 50 projects with total commitments of $4.4 billion. It started economic cooperation in Azerbaijan to help increase the country’s institutional capacity and build efficient oil reserves management. The WB has always supported the large-scale reforms carried out in Azerbaijan.