Baku: 'Annual investment in electricity grids should reach $600 billion by 2030,' Representative of the President of Azerbaijan on Climate Issues Mukhtar Babayev stated during a panel discussion on 'The role of sustainable energy centers in promoting climate resilience, innovation and energy transitions,' APA reports.

According to Azeri-Press News Agency, Babayev emphasized that the current annual investment of approximately $400 billion in electricity grids needs to escalate to $600 billion by 2030. He highlighted the necessity for countries to ensure energy security, accessibility, and affordability simultaneously. Babayev pointed out that there is no universal roadmap applicable to all countries due to differing energy systems, economic structures, and development needs in various regions, underscoring the criticality of regional cooperation.

Babayev also noted that over 55% of the world's population resides in cities, and by 2050, this is expected to increase to about 70%. He explained that cities, which occupy just 2% of the land, are responsible for consuming approximately 75% of global energy. He argued that while countries can address these issues on an individual basis, regional collaboration in sharing solutions, experiences, and technologies could significantly advance progress, reduce costs, and avoid the repetition of past mistakes.