International Finance Corporation (IFC) is ready to support Azerbaijan on its path to decarbonization, said Aliya Azimova, IFC’s Country Representative in Azerbaijan, AzVision.AZ REPORTS.
"The recent global acceleration toward renewables may challenge the historically dominant role of hydrocarbons as the main energy source. At a time like this, diversifying its energy sources will help Azerbaijan create jobs and stimulate economic growth," she said.
IFC’s country representative noted, for that, Azerbaijan needs large amounts of investments, and the country is already on the path of attracting private sector participation.
"This will help boost funding in priority areas—such as renewables—while ensuring fiscal sustainability. Hence, we at IFC look forward to supporting Azerbaijan on its path towards diversification and decarbonization through sustainable private sector investments," she noted.
In a timely effort, a new roadmap, released by the Ministry of Energy of the Republic of Azerbaijan, the World Bank, and the IFC, shows that Azerbaijan has the potential to install 7 gigawatts of offshore wind power by 2040, with the right long-term vision, infrastructure development, investment, and policies.
According to Azimova, implementation of this first-of-its-kind offshore wind roadmap can turn the nation into a renewable energy powerhouse, supporting the country’s energy resource diversification strategy.