Azerbaijan, EBRD moot priority areas of cooperation

  18 April 2024    Read: 776
  Azerbaijan, EBRD moot priority areas of cooperation

Azerbaijan's Energy Minister Parviz Shahbazov discussed potential projects for the European Bank for Reconstruction and Development (EBRD) during a meeting in Abu Dhabi with Grzegorz Zieliński, director of the EBRD's European Energy Group, the statement of Azerbaijan's Energy Ministry said, reports.

"The meeting discussed priority areas of cooperation with the EBRD in the energy sector, in particular the possibility of the bank's support of the Energy Efficiency Fund in Azerbaijan and the implementation of pilot projects in the field of energy efficiency," the statement noted.

The discussions were also held on the creation of the Azerbaijan (Nakhchivan)-Türkiye-Europe energy line, projects of the green energy corridor Caspian-Black Sea-Europe, the connection of 1 GW of solar-wind power plants to the network, as well as cooperation issues related to the modernization of the energy system.

"During the conversation, the sides also assessed the situation with the preparation of a draft law on modernization in the power sector within the framework of the joint project with the EBRD Support to the Energy Regulatory Agency. The parties also discussed the action plan for the energy sector within the framework of the upcoming COP29," the statement of the Ministry of Energy emphasized.

Additionally, it was highlighted that Azerbaijan's transition to green energy is aided by collaboration with the EBRD on enhancing the potential of renewable energy sources, a low-carbon economy, and the financing of Garadagh HPP.

Besides, the current status of cooperation on low-carbon solutions in the power sector was discussed.

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