Azerbaijan will host COP29 in November 2024, which will provide an opportunity to showcase the country's leadership in renewable energy and climate action.

Azernews reports that this was stated in the US State Department report on the investment climate in Azerbaijan.

The article notes that Azerbaijan has great potential for the development of wind and solar energy, both on land and at sea.

"The Azerbaijani government aims to have a share of renewable energy in the total installed electricity generation capacity of 30 percent by 2030. The focus is on solar, wind, and hydroelectric power plants, with foreign investors playing a critical role in the implementation of projects. Azerbaijan launched a 230-megawatt solar power plant in October 2023. The country is actively working to create a "green" energy corridor from the Caspian Sea to Europe. Competition in the renewable energy sector can contribute to positive changes, including increased investment, innovation, and socio-economic benefits," the report says.

Regarding traditional energy, the State Department recalled that in June 2022, Azerbaijan and the European Commission signed a memorandum of understanding to double Azerbaijani gas exports to Europe by 2027.

"By 2027, Azerbaijan plans to increase gas transportation via the Trans Adriatic Pipeline (TAP) to 20 billion cubic metres per year. In 2023, Azerbaijan supplied Europe with 11.8 billion cubic metres of gas. Europe receives almost half of Azerbaijan's gas exports," the report says.

The U.S. State Department notes that while the oil and gas sector has historically attracted the largest share of foreign investment, the Azerbaijani government has targeted four non-oil sectors to diversify the economy: agriculture, tourism, information and communications technology (ICT), and transportation/logistics.

"The Azerbaijani government and analysts expect that Azerbaijan will continue to leverage its geographic location on the multimodal Trans-Caspian International Transport Route, also known as the Middle Corridor. The Middle Corridor links the container rail freight networks of China and the European Union through Central Asia, the Caucasus, Turkiye, and Eastern Europe. Azerbaijan has been investing in its rail system and has expanded its port capacity to handle increased cargo traffic," the report said.