Azerbaijan Targets 34.7% Renewable Energy Share by 2030, Says Energy Minister

The holding of COP29 in Azerbaijan and "climate financing" as a priority of this UN summit have led Azerbaijan's banking system to accelerate work on "green" financing instruments.

A forum on "Green Finance and Sustainable Development" began in Baku on Friday. The event, organized by the Central Bank of Azerbaijan (CBA) and the Ministry of Ecology and Natural Resources, focuses on key initiatives, including draft laws and regulations to support green financing in Azerbaijan, financial instruments such as green bonds and subsidies to attract investments, as well as the development of solar and wind energy to reduce carbon emissions. Sustainable agricultural practices and ecosystem restoration projects aimed at improving food security and protecting biodiversity are also central topics of the event.

A delegation led by Derek Magness, executive director of the Kazakhstan-based Eurasia Division of U.S. energy giant Chevron, visited Azerbaijan's Sangachal Terminal on Tuesday. The visit was part of ongoing efforts to explore alternatives to the Caspian Pipeline Consortium (CPC) route amid increasing challenges related to the Russian-Ukrainian conflict.

Azerbaijan has increased oil supplies to Israel by 19% in the first nine months of 2024, exporting 2.37 million tons of oil worth $1.46 billion, official data shows. This growth underscores the strong trade relationship between the two nations, which has long been dominated by energy exports. In 2023, Azerbaijan's total exports to Israel reached $1.4 billion, largely driven by mineral fuels and oils, according to UN COMTRADE data.