Parviz Shahbazov: Caspian region becoming one of main centers of Europe's energy transition

The Caspian region is becoming one of the main centers of the European energy transition, Energy Minister Parviz Shahbazov said at the Ministerial Roundtable on Renewables and Energy Efficiency organized by the European Union and the United Arab Emirates, which presides over COP 28, Report informs, citing the Ministry of Energy.

The Energy Minister expressed Azerbaijan's support for the joint initiative Global Promise on Renewable Energy and Energy Efficiency to triple and double the energy efficiency of renewable energy potential in the world by 2030.

The Minister assessed Azerbaijan's accession to the initiatives put forward within the framework of COP 28 as an indicator of commitment to the green energy transition and the implementation of the green energy provisions of the renewed strategic energy partnership with the European Union.

It was noted that Azerbaijan will make significant contributions to this global initiative with 157 GW of wind energy potential of the Caspian Sea and 10 GW of green energy projects to be implemented in the next decade, Green Energy Corridor, as well as turning Karabakh, East Zangazur, and Nakhchivan into green energy zones, energy efficiency reform measures: “By 2027, the integration of 2 GW of green energy into our energy system will increase the share of renewable energy to 33%. As a result, by 2030 we will be able to fulfill our goal of 30% earlier and fully. Azerbaijan's renewable energy will also diversify the energy supply of its European partners. I believe that the Caspian region is becoming one of the main centers of European energy transition,” the minister added.

It should be noted that 35 countries, 13 companies and organizations were represented at the event.