He pointed out that in recent years, global climate calls, ambitious commitments and strategies on green energy and green economy by the world’s leading countries have had and will continue having a significant impact on the energy sector.

“Azerbaijan has a clear vision, goals and objectives concerning green energy policy and endorses the calls and goals with regard to the energy transition. We support green energy technologies, hydrogen-related activities, and efforts to strengthen the position of renewable energy in the energy mix. These areas are important components of the national priorities for the socio-economic development of our country. Within the framework of the Paris Agreement, and the recently concluded COP-26 conference Azerbaijan has once again declared its commitment to these goals,” noted the minister.

Shahbazov believes that in the current energy crisis sustainable energy supply is not possible without the diversification of energy sources.

“Diversity of energy resources is as always a guarantee of stability in the energy market now and in the future. We are in a position where the maintenance of hydrocarbons in the energy mix is of vital importance to withstand the shocks that lead to an energy crisis. The global gas industry is also affected by current trends, risks, and the competitive environment between conventional and renewable energy sources. However, due to its many advantages as a low-carbon energy source, natural gas plays an important role in the energy transition,” he explained.

The minister said that modern gas transportation infrastructure provides opportunities also for the transportation of hydrogen, which has entered the energy mix with high political support.

“Research by the international energy institutes further shows that natural gas will have a significant share in the world energy market over the next 30 years. According to the forecast of OPEC, oil and gas will account for more than 50 percent of the total energy mix by 2045. In this regard, equitable energy transition seems to be possible not by pushing away the traditional energy sources, but along with them. In this context, difficulties in meeting the demand for energy in Europe and Asia and the changing landscape oil and coal cost by sharply increasing gas prices can be seen as a serious sign,” he added. 

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