Azerbaijan cooperates with UNDP to promote green energy
Azerbaijan cooperates with UNDP to promote green energy
Energy Minister Parviz Shahbazov recently convened with Alessandra Roccasalvo, the Acting Permanent Representative of the United Nations Development Programme (UNDP) in Azerbaijan, to explore avenues for bolstering long-term cooperation in the energy sector. Discussions centered on advancing collaboration in green energy technologies, promoting energy efficiency, and aligning efforts with Azerbaijan's chairmanship of COP29.
The meeting underscored the mutual commitment of Azerbaijan and UNDP to cultivate a robust partnership in sustainable energy initiatives. Notably, the status of ongoing projects in renewable energy production and export, construction of regional green energy interconnectors, and measures to enhance energy efficiency took center stage in the deliberations.
Of particular significance was the discussion surrounding the energy strategy for liberated territories, which emphasizes the establishment of a green energy zone. Plans were outlined to leverage renewable energy sources for both domestic consumption and export purposes, underlining Azerbaijan's dedication to environmental sustainability in its energy policies.
A pivotal aspect of the dialogue revolved around enhancing energy efficiency across various sectors, including municipalities, public buildings, and schools. The establishment of the "Energy Efficiency Fund" and initiatives such as district heating using renewable energy sources were highlighted as key priorities in Azerbaijan's quest for sustainable development.
Furthermore, discussions delved into the formulation and implementation of the "National Electric Mobility Plan," underscoring Azerbaijan's proactive approach towards embracing electric vehicles and reducing carbon emissions in the transportation sector.
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- Politics
- 30 April 2024 18:09
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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