TODAY.AZ / Business

Azerbaijan building another energy bridge to Europe

20 December 2022 [09:59] - TODAY.AZ
By Azernews

Ayya Lmahamad

Transitioning to clean energy is vital for combating climate change and reducing its devastating effects. In this regard, renewable energies become an inalienable part. Renewable energies received important backing from the international community through the Paris Climate Agreement of 2015. Nowadays more and more countries in the world are making efforts to transit their economies into renewable energy.

Azerbaijan’s gas supplies to Europe

At present, Azerbaijan plays a significant role in diversifying Europe’s gas supplies. With the completion of the Trans-Adriatic Pipeline (TAP), Azerbaijan started commercial gas supplies to Europe via the Southern Gas Corridor. In 2021, Azerbaijan’s export of natural gas to Europe amounted to 8.2 billion cubic meters, and this year already 10.3 billion cubic meters. In addition to this, in July 2022, Azerbaijan and the European Union signed a memorandum of understanding on strategic partnership in the energy sector.

Moreover, on December 16, Azerbaijan’s State Oil Company (SOCAR) and Romgaz signed a contract for gas supply from Azerbaijan to Romania starting from January 1, 2023.

“So, Azerbaijan is expanding the geography of its gas supplies to the European market. This is a win-win situation. Europe needs to strengthen its energy security. Azerbaijan needs a reliable market for its huge energy resources,” Ilham Aliyev said.

However, now, Azerbaijan, like many other countries in the world is on the path to a green energy future.

In this regard, on December 17, an agreement on a strategic partnership in the field of green energy development and transmission between the government of Azerbaijan, Georgia, Romania, and Hungary was signed in Bucharest.

“The implementation of the agreement on strategic partnership in the field of green energy development and transmission will be our common contribution to Europe's energy security. This agreement is an important step in the creation of a green energy corridor,” the president said.

New energy bridge to Europe

As President Ilham Aliyev said, “today, we start to build another energy bridge from Azerbaijan to Europe”.

Azerbaijan, with its renewable energy potential of more than 27GW in wind and solar power onshore and 157 GW of wind power in its Caspian Sea sector, is planning to become an important supplier of electric energy to Europe, mainly green energy.

Together, with one of the country’s strategic investors, Azerbaijan plans to implement 3GW of wind and 1GW of solar power by 2027, 80 percent of which will be exported. Moreover, by 2037, it is planned to create an additional capacity of at least 6GW.

“Thus, only one global energy company is planning to invest in the creation of 10GW of green energy in Azerbaijan. Two days ago, Azerbaijan’s Energy Ministry signed a framework agreement with another global energy company. This company is planning to invest in the creation of up to 12GW of wind and solar energy in Azerbaijan. So, at least 3GW of additional transmission capacity should be created for the first phase of Azerbaijani export,” the president said.

The president underlined that in order to achieve the goals set, Azerbaijan, Georgia, Hungary, and Romania should work as one team, and in close cooperation and coordination with the European Union.

The transition to clean and green energy will have very positive economic consequences on the global economy.

URL: http://www.today.az/news/business/229475.html

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