The first day of the 29th Baku Energy Forum has wrapped up, AzVision.az reports.

Addressing the event participants, Azerbaijan's Minister of Energy Parviz Shahbazov spoke about the significant efforts Azerbaijan is making in developing renewable energy nationwide. He recalled the launch of Masdar and SOCAR (State Oil Company of Azerbaijan Republic) projects in Baku on June 4, totaling 1GW capacity for $1 billion, aiming to achieve 33 percent of Azerbaijan's total energy balance from green energy by 2027.

At the same time, the minister pointed out that, in 2024, Azerbaijan's gas exports will total 24.3 billion cubic meters, with more than half destined for the EU (compared to 11.8 billion cubic meters in 2023).

In turn, Minister of Foreign Affairs and Trade of Hungary Péter Szijjártó highlighted that Hungary's priority is to eliminate ideological approaches and political debates from energy supply matters. "Unfortunately, we witness how the security of energy supply becomes entangled in international political conflicts. Ideological debates only serve to complicate this matter. Our primary objective, in terms of priorities, is to eliminate ideological approaches and political disputes over energy supply issues. Let's approach this with common sense, viewing energy supply as a physical and mathematical challenge rather than a philosophical or ideological one".

Furthermore, Deputy Minister of the Environment, Climate and Energy of Slovenia Tina Seršen pointed out that Slovenia is poised to share its expertise in solar energy, hydropower, smart technologies, and other advanced fields with Azerbaijan. "We need to seek out new partners. I'm eager to collaborate on energy supply, crucial for our country's future. Azerbaijan and Türkiye have significant potential for expanding partnerships beyond gas supply. We can share our expertise in solar energy, hydropower, smart technologies, and other advanced sectors with you and the entire region. That's what we bring to the table".

European Commission rep Cristina Lobillo Borrero pointed out that the EU is actively working on diversification of gas supplies, highlighting Azerbaijan's role in this process. "I worry that the EU's political pledges might not entirely halt Russian gas deliveries by 2027. Traditionally, we've imported 90 percent of the gas consumed in the EU, with 45 percent sourced from Russia. Presently, this figure has dwindled to 15 percent, indicating Russian gas still circulates within our system. We've ramped up liquefied natural gas imports, notably from the US, and diversified our sources via pipelines, including Azerbaijan and Algeria".

Head of Energy Supply Unit at the International Energy Agency (IEA) Christophe McGlade noted that achieving a successful transition to new energy sources requires joint work.

"Across the globe, we're witnessing manufacturers embracing a range of cutting-edge energy technologies, including hydrogen, bioenergy, energy storage, and renewable energy sources. These technologies allow us to meet 1.5-degree climate goal emission reduction targets till 2030. In this regard, fostering collaboration among companies is crucial. This is the proposition put forth for discussion by IEA," he stated.

He emphasized the international nature of technology and supply chains, stressing the importance of collaboration to prevent potential disruptions.

"Standardization and synchronization are needed to adopt many new technologies. Thus, nations must collaborate better. The rationale behind transitioning to new energy sources is unequivocal. Without concerted efforts, the transition will be fraught with instability and disparities. Therefore, parties must join forces and collaborate," he added.

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COP29 is bound for success, Secretary General of the Gas Exporting Countries Forum (GECF) Mohamed Hamel said.

"I extend my congratulations to Azerbaijan for hosting COP29. I'm pleased to see that COP29 preparations are progressing well under COP29 President-designate Mukhtar Babayev, whom I saw yesterday. COP29 is already on the path to success. It will usher in new technologies, and I extend my best wishes to Azerbaijan for success in this endeavor. Here's to a fruitful climate conference," he emphasized.

On June 5 and 6, the 29th Baku Energy Forum, a key event in the Caspian region's energy sector, is being held at the eco-concept-designed Baku Convention Center as part of Baku Energy Week.

The Baku Energy Forum is supported by the Ministry of Energy of Azerbaijan, with the State Oil Company of Azerbaijan Republic (SOCAR) as the main partner. For the first time, the forum also has the support of OPEC.

Over 600 delegates are participating in the forum, representing a diverse array of countries, including Australia, Austria, Belarus, Belgium, Bulgaria, China, the Czech Republic, Finland, France, Georgia, Hungary, India, Israel, Italy, Japan, Kazakhstan, Latvia, Monaco, the Netherlands, Norway, Qatar, Romania, Russia, Saudi Arabia, Slovenia, Sweden, Switzerland, Ukraine, the UK, the US, Uzbekistan, and the UAE. This year's program boasts a record number of speakers, totaling 81.

The forum's agenda covers energy-related topics significant for Azerbaijan and the broader Caspian region. Key agenda items include discussions on energy security, financing, energy transition, and green energy projects.

The two-day event covers topics including “International Cooperation for Energy Security and Sustainability," “Energy Security 2.0," “Exploration and Production in the Caspian Region," “Unlocking Sustainable Energy: Green Energy Potential in the Caspian Region," “New Technologies and Digitalization," “Gas Dialogue: The Role of Gas Supply During the Energy Crisis," “Oil Flows: Cross-Logistics and Infrastructure Development in Azerbaijan," and “The Role of Human Capital in a Successful Energy Transition”. Additionally, in anticipation of the upcoming COP29 conference, the Baku Energy Forum program will feature a special session on “Empowering and accelerating green transition: strategies for COP29 and for Green World.”

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