2024-10-04 09:52:35
Source: Trend International Information Agency
Electricity production from renewable sources (including hydropower) in Azerbaijan is expected to triple from just over 7 percent last year to 22 percent of total production by 2030, independent research and analytical company Rystad Energy (Norway) told Trend. reports Day.Az.
“Azerbaijan is stepping up efforts to increase the share of renewable energy in its energy mix to reduce its domestic carbon footprint and free up natural gas for export. The country aims to harness its solar and wind energy potential to increase the share of renewables in electricity generation to almost one-third from less than 10 percent now, thanks to $2 billion in investments in green energy initiatives. International investors are showing significant interest in financing these projects, and Azerbaijan is seeking to build on these commitments by hosting the UN Conference on Change. climate change (COP29) in November this year. Increasing the share of domestic renewable energy sources will help Azerbaijan achieve its goal of doubling gas exports to Europe by 2027 and will allow it to add green hydrogen production to its long-term energy strategy,” company experts said.
Rystad Energy notes that total non-fossil fuel energy spending in Azerbaijan has risen from less than 1 percent in 2020 to more than 7 percent last year and is expected to exceed 20 percent by the end of the decade.
“This will lead to an increase in installed capacity from 19 percent this year to 30 percent in 2027. At the same time, the country will continue to increase investment in fossil fuels to meet both export ambitions and growing domestic demand,” the analysts noted.
Rystad Energy recalls that natural gas made up the majority (92 percent) of the fossil fuel share of Azerbaijan’s energy mix last year, corresponding to almost half of the country’s total gas demand.
“Hydropower accounted for 6 percent of the energy mix, and onshore wind, solar panels and bioenergy combined accounted for 2 percent. In Rystad Energy’s base case scenario for Azerbaijan, renewable electricity production (including hydropower) would triple from just over 7 percent last year to 22 percent of total output by 2030. The share of renewable sources in annual installed capacity will double by the end of the decade – from 19 percent last year (mostly from hydropower) to 38 percent in 2030, mainly due to new projects in the area. solar and onshore wind, however, gas-fired electricity will remain the dominant source of energy, providing more than 75 percent of total production in 2030 and continuing to play a role as a transition fuel in the long term,” the company added.
It should be noted that Azerbaijan is pursuing a targeted state policy towards the effective use of the green energy potential that the country possesses.
Expanding the use of renewable energy sources has been put forward as a national priority.
According to studies, the technical potential of Azerbaijan’s renewable energy sources is 135 GW on land and 157 GW at sea.