Azerbaijan announces green investment push ahead of COP29

Azerbaijan, the host nation of the climate summit COP29 in November, has announced plans to increase the share of renewables across its energy sector to almost a third.

Announcing the $2 billion of green investment, Minister of Energy Parviz Shahbazov said: “By 2027, in the first phase of partnership with energy companies, we are planning to realize close to 2GW of new renewable volumes, which will increase the share of renewables in installed capacity to 33%.”

The ministry added that the current share of renewables was 20.86%.

But Shahbazov also said: “Despite the global downtrend in fossil fuel financing and lack of long-term demand guarantees, Azerbaijan remains committed to gas supply to its partners.”