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Azerbaijan wishing to cut emissions with $2 bln green energy investment

Azerbaijan is intending to raise the share of renewables throughout its energy sector to practically a. 3rd with over $2 billion in green investments, its energy. minister said on Wednesday, as Baku plugs its ecological. credentials before hosting COP29 later on this year.

Azerbaijan, which will host the United Nations COP29 climate. summit in November, has actually an estimated 2.5 trillion cubic metres. of gas reserves, according to the 2021 BP Statistical. Evaluation of World Energy, and it aims to double its gas exports to. Europe by 2027.

While the worldwide warming emissions from burning gas. are lower than those from coal or oil, they stay much higher. than green energy sources.

The country is eager to promote more sustainable energy. projects, which include wind and solar, and efforts to construct. an electrical cable television under the Black Sea to transfer green Azeri. energy from prepared Caspian Sea windfarms to Europe.

By 2027, in the first phase of collaboration with energy. companies we are planning to understand close to 2 gigawatts of brand-new. eco-friendly volumes, which will increase the share of renewables. in set up capacity to 33%, Energy Minister Parviz Shahbazov. stated in a speech on Wednesday.

The existing share is 20.86%, the ministry stated. The share. for electricity generation is lower, at 8.5% at the end of the. very first quarter of 2024.

Shahbazov said financial investments of more than $2 billion would. assistance produce 5.3 billion kilowatt hours of electricity, saving. 1.2 billion cubic metres of gas and reducing emissions by as much as. 2.5 million tonnes.

At the very same time, Shahbazov stressed that Azerbaijan would. continue pushing fossil fuels.

In spite of the worldwide drop in fossil fuel funding and. absence of long-lasting demand guarantees, Azerbaijan remains. devoted to gas supply to its partners, he said.