The World Bank (WB) is working with Azerbaijan’s Ministry of Ecology and Natural Resources to examine different options of the “green economy” development, Head of the WB Baku Office Naveed Naqvi reported.
The bank has also been able to mobilize funds from the Korean Green Growth Trust Fund, to support green economy in Azerbaijan.
Naqvi further said that apart from having a longstanding partnership with Azerbaijan in the energy sector, there were preliminary conversations with Azerbaijan’s Energy Ministry regarding alternative energy sources.
“Currently, there are no specific projects, but if the government is interested in working with the WB on alternative renewable energy, such as wind or solar power, we will provide our support,” he concluded.
Azerbaijan is currently taking serious steps to develop alternative energy. To this end, negotiations are underway with foreign companies and investors, including companies from China, the UAE, the US and the EU.
For example, the Norwegian company DNV GL will help create a support system and a legal framework in Azerbaijan’s alternative energy sector.
Most of Azerbaijan’s potential in this sector comes from the solar energy and this potential is estimated at 5,000 megawatts.
Wind power accounts for 4,500 megawatts, biomass for 1,500 megawatts, geothermal energy for 800 megawatts, and the remaining 350 megawatts account for small hydropower plants.
The potential of renewable energy sources in Azerbaijan exceeds 25,300 megawatts, which will allow generating 62.8 billion kilowatt hours of electricity annually.
According to the State Statistics Committee of Azerbaijan, in January-September, hydropower production amounted to 1,422.3 kilowatt-hours, solar energy to 31.7 kilowatt-hours and wind power to 31.9 kilowatt-hours. (Trend/Business World Magazine)