TODAY.AZ / Business

Latvia eager to cooperate with Azerbaijan in renewable energy sector

08 August 2022 [13:51] - TODAY.AZ
By Azernews

By Sabina Mammadli

Latvia sees potential for fruitful cooperation with Azerbaijan in the renewable energy sector, Azernews reports, citing the Latvian Foreign Ministry.

The ministry noted that the country’s strategic priority in cooperation with Azerbaijan is ensuring investments in sustainable energy capacities, notably wind-and solar-based generation.

“There is a huge potential in the areas of research and development, knowledge transfer and technological exchange, as well as solar installation development," the source said.

According to the ministry, Latvia shares the pan-European ambition of reducing harmful emissions and reaching a carbon-neutral macroeconomic output by 2050. The role of natural gas in the Latvian domestic energy mix has been decreasing over the last decade due to market, technological and regional factors. The main source of renewable energy in Latvia is biomass, followed by energy generated by hydroelectric plants.

Further, it was noted that Latvia welcomes the new gas deal signed between the European Union and Azerbaijan on July 18, 2022, to deliver 20 billion cubic meters of natural gas to the EU annually by 2027.

"The Government of Latvia has agreed to stop buying and using Russian natural gas as of January 1, 2023. The decision is a historic milestone toward strengthening Latvia's energy security and independence. Finding alternative gas supplies to the EU and diversification of energy sources to counteract the negative effects of the situation in Ukraine are the top priorities on the agenda of the Government of Latvia," the ministry added.

The diplomatic relations between the two countries were established on January 11, 1994. The Azerbaijani embassy in Latvia was opened in 2005, and the Latvian embassy in Azerbaijan in 2006.

Relations between Azerbaijan and Latvia have developed at a high level in all areas. The political dialogue between the two countries continues through regular reciprocal visits at the highest possible levels.

The trade turnover between the two countries amounted to $27.1 million in 2021 and $19 million in the first five months of 2022.

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