TODAY.AZ / Business

Azerbaijan, EU discuss energy co-op, attracting investment in renewable energy

08 December 2022 [14:12] - TODAY.AZ

By Azernews

By Ayya Lmahamad

Azerbaijan and the European Union have discussed energy cooperation and the attraction of investment in renewable energy within the framework of the economic and investment plan, Azernews reports.

The discussion took place during the meeting between the representatives of Azerbaijan’s Energy Ministry and a delegation headed by the European Commission Eastern Neighborhood and EU Institutional Building Department Director Lawrence Meredith.

During the meeting, the parties noted that the memorandum of understanding on strategic partnership in the energy field signed between Azerbaijan and the EU on July 18, 2022, and the strategy for the socio-economic development of Azerbaijan for 2022-2026 are the platforms for the identification of priority projects.

The parties noted that the production and export of green energy and green hydrogen, energy efficiency, and methane emission reduction are reflected in both documents, emphasizing the importance of financial support for the implementation of measures in these areas.

Moreover, the information was provided on renewable energy projects implemented with international energy companies, export routes planned to transport the green energy to be produced, actions and plans implemented to achieve the development of territories as a green energy zone with zero emissions and 40 percent reduction in greenhouse gas emissions by 2050. In this context, specific projects were proposed for which financial support from the European Union was deemed necessary.

In particular, it was noted that cooperation in financial and technical support related to the Black Sea submarine power line, green hydrogen projects, construction of solar panels on the roofs of houses in the liberated areas, and construction of heating and energy efficiency in buildings is of great importance.

Investment opportunities, Eastern Partnership program

The EU delegation also held a meeting with Azerbaijani First Deputy Economy Minister Elnur Aliyev.

During the meeting, the parties emphasized the importance of cooperation between Azerbaijan and the EU, especially the expansion of relations within the framework of the Eastern Partnership program.

They underlined that partnership with the EU in the framework of various programs and projects is important in terms of applying modern approaches and accelerating the transition to green and digital development.

The parties exchanged views on investment opportunities and potential projects in the private and public sectors, as well as the implementation of the economic and investment plan of the European Union.

Further, the first meeting of the high-level working group on investment identification and prioritization took place.

The meeting was attended by representatives of relevant government agencies, the European Commission, the European Bank for Reconstruction and Development, and the European Investment Bank.

Effective cooperation between Azerbaijan and the European Union was emphasized at the event. It was noted that the coordination of Azerbaijan's social and economic development goals with the Flagship Initiatives of the European Union contributed to strengthening the partnership. The meeting also looked into the priority areas to be implemented in Azerbaijan as part of these initiatives.


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