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Azerbaijan hoping to cut emissions with $2 bln green energy investment

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:

🗞️ Driving the news: Azerbaijan plans over $2 billion in green energy investments to boost renewable energy share to nearly a third of its total energy sector
• Energy Minister Parviz Shahbazov announced the goal of achieving 2 gigawatts of new renewable capacity by 2027
• This investment aims to elevate the renewables' share in installed capacity from the current 20.86% to 33%

🔭 The context: Hosting the COP29 climate summit, Azerbaijan seeks to enhance its environmental image while possessing significant natural gas reserves
• Currently, renewables contribute only 8.5% to electricity generation
• The country aims to double its natural gas exports to Europe by 2027, balancing fossil fuel use with renewable initiatives

🌍 Why it matters for the planet: Increasing renewable energy will reduce Azerbaijan’s greenhouse gas emissions by up to 2.5 million tonnes
• This move supports global climate goals by transitioning from fossil fuels to cleaner energy sources
• Such investments reflect a broader shift towards sustainability in energy policies

⏭️ What's next: Azerbaijan will proceed with constructing infrastructure like an electric cable under the Black Sea to transport green energy to Europe
• Continued investments in renewable projects are anticipated, alongside ongoing commitments to natural gas exports

💬 One quote: "By 2027, in the first phase of partnership with energy companies we are planning to realise close to 2 gigawatts of new renewable volumes" (Parviz Shahbazov, Energy Minister of Azerbaijan)

📈 One stat: The planned green investments aim to save 1.2 billion cubic metres of gas and generate 5.3 billion kilowatt hours of electricity

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