He was speaking Dec. 10 at the AgTech and Green Energy Forum, being held in Baku under the slogan "Innovations for a Green Future".
He noted that “green economy” is a new and important industry that Azerbaijan wants to develop.
“Alternative energy and efficient use of energy are integral parts of this direction,” he said.
He noted that energy resources are unevenly distributed throughout the world and, unfortunately, are becoming a political weapon.
“Changes in oil prices in recent years have shown that countries with rich energy resources should look for alternative solutions,” said Shahbazov. “In addition to energy security, environmental safety is one of the main tasks today."
"According to forecasts, two thirds of investments in electric energy will account for investments in renewable energy sources by 2040. As much as 40 percent of electricity needs will be met at the expense of renewable energy sources.”
In the coming years, Azerbaijan plans to launch new facilities operating on such energy sources as the Sun and wind, he added.
“Work is underway to create favorable conditions for private sector, which plays a big role in the development of alternative energy,” he noted.
He said working groups are being set up for this purpose, and negotiations are underway with such companies as BP, Total, Siemens and others.
At the same time, a test project of floating solar panels was launched in cooperation with the Asian Development Bank on Lake Boyukshor in Azerbaijan, Shahbazov added.
More about: Azerbaijan energy
