Azerbaijan Announces $2 Billion Green Investment Push, Plans Nearly 2GW of Renewables by 2027 Ahead of COP29

Azerbaijan is embarking on a significant green investment initiative, committing $2 billion towards renewable energy projects as it gears up for COP29. The country’s Minister of Energy, Parviz Shahbazov, has outlined an ambitious plan to add nearly 2 gigawatts (GW) of renewable energy capacity by 2027. This move is part of a broader strategy to elevate the share of renewables in Azerbaijan’s installed energy capacity from the current 20.86% to 33%.

This investment will be realized through partnerships with various energy companies, demonstrating Azerbaijan’s dedication to enhancing its renewable energy infrastructure. Despite this push towards greener energy, Shahbazov reaffirmed Azerbaijan’s ongoing commitment to supplying gas to its partners, noting the persistent importance of fossil fuels even amidst a global trend towards reducing fossil fuel financing and a lack of long-term demand guarantees.

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Azerbaijan’s dual strategy underscores the balancing act many countries face: transitioning to renewable energy sources while maintaining traditional energy supplies to meet current demands and uphold economic stability. This approach is reflective of the broader global energy transition, where investments in renewables are being scaled up, yet fossil fuels continue to play a critical role in energy security and economic frameworks.