Baku: Azerbaijan is one of the most reliable energy suppliers at both the regional and global levels, Deputy Energy Minister Elnur Soltanov said during a panel session held as part of the Fourth Climate Week (CW4) of the United Nations Framework Convention on Climate Change (UNFCCC), organized by the Ministry of Foreign Affairs, APA reports.

According to Azeri-Press News Agency, Elnur Soltanov noted that approximately 70% of global emissions come from the energy sector. He emphasized the importance of renewable energy and stated that Azerbaijan is a regional leader in this field. The potential of solar and wind energy is being utilized in Azerbaijan, and these indicators are expected to increase further by 2027. Currently, Azerbaijan has doubled its share of renewable energy.

The deputy minister further highlighted that, based on the COP29 process, $300 billion is expected to be mobilized by 2035. Soltanov mentioned that COP31 will advance this process and stressed the need for additional funding. He pointed out that these amounts are minimum figures, suggesting the possibility of mobilizing higher amounts in the coming years.