Baku intends to develop cooperation with investors

Azerbaijan is open to cooperation with investors, and the country, as a traditional energy producer, has formed a good group of international energy companies and national leaders investing in renewable energy projects, Azerbaijani Minister of Economy Mikayil Jabbarov told the China Global Television Network (CGTN).

"We have been investing systemically both institutionally and also in terms of economic policy and infrastructure in ensuring smooth energy transition. According to our national goals by 2030, 30% of our energy demand will need to be covered from renewable sources, we are well ahead of that plan,” Mikayil Jabbarov said.

He noted that Azerbaijan has been entrusted decision by consensus to host COP29. According to Jabbarov, its focus and theme this year will be climate finance and they are looking to work with stakeholders to contribute to new initiatives. I would like the world to adhere to the stated principles and commit to real action at COP29,” the minister added.

The minister recalled that Azerbaijan continues to be a pan-European supplier in terms of oil and natural gas, but they are also planning a project that aims at exporting green energy to the EU.

"This is a regional project initiated by Azerbaijan jointly with Georgia, Bulgaria, Romania, now Hungary. This project envisages production of wind and solar energy in Azerbaijan and transmission to European markets via the Black Sea," Mikayil Jabbarov said.