BAKU: The World Bank is ready to support Azerbaijan in improving the efficiency of its heating system, World Bank energy specialist Florian Kitt said, Trend reports.

He made the announcement at the second annual reporting meeting of the Azerbaijan Rapid Technical Assistance Facility (AZTAF) program, funded by the European Union (EU) and managed by the World Bank (WB).

‘Globally, about 30 percent of energy consumption is in buildings. The figure in Azerbaijan is about 38 percent in the residential sector alone. If you include industry and other sectors, you get about 50 percent. The average energy consumption of buildings in Azerbaijan is about 0.85 gigajoules,’ he emphasized.

Florian Kitt noted that a plan for further actions by the Ministry of Energy of Azerbaijan to improve the efficiency of the heating system was presented.

‘We are ready to provide support in addressing these issues, and we, as the World Bank, are ready to discuss and provide project financial support in the form of loans in this direc
tion,’ he stated.

Furthermore, Florian Kitt mentioned that carbon and climate finance play a key role in supporting the government’s ambitious strategy to increase the use of renewable energy in Azerbaijan.

‘Energy efficiency is the most affordable and fastest measure to reduce the skyrocketing energy consumption caused by the increasing use of heating, cooling, and cars. It is the one that can help reduce costs, free up funds for other economic activities, and support Azerbaijan’s strategy to diversify its energy sector,’ he said.

Kitt also noted that wind, solar, geothermal, and bioenergy are areas that require special attention.

‘We appreciate the support of our European partners who agree that these topics need to be promoted to successfully realize nationally determined contributions (NDC) and move to a new economic basis based on renewable energy sources rather than oil and gas,’ he added.

Source: Trend News Agency