The Memorandum has been signed in the context of Azerbaijan's economic diversification, creation of a competitive energy market, clean environment and “green growth” agenda and BP's announcement in 2020 of its “net zero” ambition, according to the company.
“Reducing greenhouse gas emissions by 35 percent by 2030, creating a clean environment and increasing the share of green energy in production and consumption have been identified by the President of the Republic of Azerbaijan Ilham Aliyev as the country’s socioeconomic development priorities. The development of the renewable energy sector in the country, especially the creation of green energy zones, is strongly supported. Foreign and local investors are invited to the process of providing Azerbaijan with long-term, sustainable, affordable and environmentally friendly energy sources. The document signed today provides new opportunities for cooperation with BP, our long-term strategic partner in the oil and gas sector, on decarbonization and renewable energy projects. I do hope that we will achieve shared success with BP while transforming to modern energy trends stemming from global climate challenges," said Minister of Energy Parviz Shahbazov.
BP’s Regional President for Azerbaijan, Georgia and Turkey Gary Jones said: “We are pleased to have this opportunity to collaborate with the Ministry of Energy towards achieving BP’s and Azerbaijan’s respective sustainability goals. The MOU we signed today provides a new platform for cooperation leading potentially to new partnership opportunities for bp and Azerbaijan. BP has been Azerbaijan’s energy partner for nearly three decades and now, when bp is aiming to significantly scale-up its low-carbon energy business and transform its mobility and convenience offers, we believe there is great potential to build on our successful partnership with Azerbaijan. BP has recently partnered with the cities of Houston and Aberdeen and by signing this MOU we would like to explore similar partnership opportunities with regions and cities in Azerbaijan to bring integrated energy and mobility solutions including clean energy aimed at driving down emissions.”
According to the Memorandum, a Steering Committee and a Working Group will be established and a Master Plan will be developed for decarbonization of relevant regions or cities of Azerbaijan. The Master Plan will cover the development of trends for clean energy projects, low-carbon transport, green buildings, waste management, clean industry, natural climate solutions, integrated partnerships, as well as the development of integrated and decarbonized energy and mobility systems.