The Ministry of Energy of Azerbaijan and the European Bank for Reconstruction and Development (EBRD) have agreed on cooperation in the development of the electric power industry. “The Ministry of Energy and the EBRD signed online a Memorandum of Understanding on technical support for the development of the electricity sector in Azerbaijan,” the ministry said in a statement.

To achieve the development of a low-carbon power industry in Azerbaijan, the Memorandum will support the promotion of renewable energy sources, improve the network, increase energy efficiency, reduce methane emissions, and provide for cooperation on the phased research and application of innovative technologies, including “green hydrogen”.

According to the Ministry of Energy, within the framework of this cooperation, the technical assistance project “Low-carbon solutions in the electricity sector of Azerbaijan” will be implemented at the initial stage. As part of the technical assistance, it is planned to prepare a “road map” with recommendations on relevant policies and technologies for the decarbonization of the energy sector.

“According to the development policy of the President of Azerbaijan, the energy sector of our country is being transformed into a model based on renewable energy sources and efficiency. This document, which we signed with the EBRD, is important for the development of the electricity sector in accordance with modern global challenges related to energy and ecology,” Azerbaijani Energy Minister Parviz Shahbazov said in a press release.

The Minister added that cooperation with the EBRD will contribute to the transformation of Azerbaijan into a country of “clean environment and green growth”, as well as the implementation of large-scale activities related to the reduction of greenhouse gas emissions by 40% by 2050 and the creation of a net zero emission zone in the territories, liberated from the Armenian occupation

Source: Turan News Agency