Baku: Azerbaijan is poised to make significant strides in its transition to green energy as it prepares to host the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change. This pivotal event is expected to facilitate Azerbaijan’s renewable energy development goals and attract international partners for exporting green energy to Europe, which is anticipated to support economic growth in the country.
According to Azerbaijan State News Agency, an exclusive interview with Umud Shokri, a Washington-based foreign policy advisor and energy strategist, revealed insights into Azerbaijan’s preparations for COP29. Shokri, a Senior Visiting Fellow at George Mason University, highlighted COP29’s focus on advancing climate finance, strengthening national commitments, and setting ambitious global climate targets. The conference is expected to address the emissions gap, scale up climate finance, and promote a just transition for developing countries.
Shokri emphasized that CO
P29 aims to advance climate finance through a new Collective Quantified Goal (NCQG) for developing nations, pushing for more ambitious Nationally Determined Contributions (NDCs), and implementing prior agreements on transitioning from fossil fuels. Azerbaijan’s introduction of the Climate Finance Action Fund (CFAF) will play a crucial role in mobilizing private sector investments in renewable energy.
The interview also addressed the feasibility of a global green transformation, which requires policy support, international cooperation, and technological advancements. Challenges include financial resources, technological hurdles, and socioeconomic impacts, particularly in fossil fuel-dependent regions. Success hinges on international collaboration, investment, innovation, and strategic policy interventions.
COP29 could potentially set new levels of financial assistance for developing countries by negotiating a new NCQG. Although finalizing the NCQG may not happen at COP29, the groundwork for future climate fi
nance goals is expected to be laid. Additionally, the conference might focus on simplifying processes for disbursing and utilizing funds effectively, ensuring smaller nations receive timely support.
Azerbaijan’s plans to transform its liberated territories into a “green” energy zone are promising, with a focus on hydropower, solar energy, and energy-efficient technologies. The government’s comprehensive approach aligns with national energy strategies and positions Azerbaijan as a leader in climate action, especially as it hosts COP29.
The potential for Azerbaijan to become a major exporter of renewable electricity is significant, given its abundant resources, government commitment, and strategic partnerships. However, challenges such as infrastructure development and geopolitical concerns must be addressed. Leveraging its strategic location and existing energy export infrastructure, alongside international collaborations, will be crucial for Azerbaijan’s success in the global energy transition.