Azerbaijan, WB mull renewable energy cooperation

By Azernews

By Ayya Lmahamad

Azerbaijan and the World Bank have discussed cooperation prospects in the fields of renewable energy sources and energy efficiency, the Energy Ministry reported on November 3.

The discussion took place at the meeting between Azerbaijani Energy Minister Parviz Shahbazov and World Bank Country Manager for Azerbaijan Sarah Michael.

During the meeting, the parties discussed ongoing successful bilateral cooperation and the status of the implementation of joint projects.

Issues arising from the memorandum of understanding signed between the ministry and the IFC, a member of the WB Group, on cooperation in the use of offshore wind energy resources were discussed.

The parties also exchanged views on the work done to assess the potential of wind energy of the Azerbaijani section of the Caspian Sea and the development of a roadmap in the field of energy.

The sides expressed their confidence that joint cooperation efforts will contribute to the development of “green energy” production in Azerbaijan, as well as to reduce carbon emissions into the atmosphere.

A number of other issues of mutual interest were discussed at the meeting.

Azerbaijan joined the WB in 1992. Since then, the bank has financed over 50 projects with total commitments of $4.4 billion. It started economic cooperation in Azerbaijan to help increase the country’s institutional capacity and to build efficient management of oil reserves. The WB has always supported the large-scale reforms carried out in Azerbaijan.