Over the two decades since its initiation, the United Nations Climate Change Conference has been one of the most significant annual international events. The event facilitates intergovernmental negotiations for matters pertaining to climate change. Faced with a rapidly deteriorating environment and unstable climate, nations across the globe are participating in sustainable initiatives.
On 26 October 2023, a photovoltaic project developer, Masdar, signed an agreement for clean energy installments in Azerbaijan. The contract involves the development of three solar-powered sites and one onshore wind project. The Abu Dhabi-based group’s 1GW renewable power project announcement less than a month before the 28th United Nations Climate Change Conference is a testament to the company’s sustainable spirit and commitment to an environment-oriented future.
The photovoltaic developer has been a leader in clean energy globally due to its renewable energy and green hydrogen technologies and other efforts addressing issues related to sustainability. Since its establishment in 2006, the organization has worked with over 40 nations to generate a total electricity generation capacity of over 20 GW. It has become the most significant renewable energy driver and an investor in the transition into green energy. Their momentum is capable of accelerating the growth of global clean energy by expanding their renewable energy footprint.
The company has the potential to be a vital part of UAE’s Net Zero 2050 initiative. Masdar aims to achieve its 100 GW capacity electricity generation and its goals of 1 million tonnes of green hydrogen production by 2030. Supported by over 30 billion USD in investments, this dream is not very far. The recent agreement has been a step toward the company’s commitment. The agreements were signed following the inauguration celebration of the Garadagh Solar Park, the largest operational solar power generation facility in the region. Totaling a 1 GW energy generation capacity, the agreements will finance the rollout of two solar projects managed by Masdar and one onshore wind project.
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Pavriz Shahbazov, Minister of Energy, Azerbaijan, emphasized the government’s efforts towards renewable energy development, saying, “Today is marked by the achievements of the state policy of the President of Azerbaijan, which prioritizes the development of renewable energy. The commissioning of the largest solar power plant based on the first foreign investment in our energy history, as well as the signing of investment agreements for the implementation of solar and wind energy projects with a capacity of 1000 MW, show that our country’s green energy and green investment plans are successfully becoming a reality.”
The country Azerbaijan aims to generate a massive 30% of the 2030 renewable energy generation capacity scheme. According to the European Bank for Reconstruction and Development (EBRD), Azerbaijan is estimated to have a solar potential of 8 GW.
However, only 30 MW of solar capacity was installed by the end of 2020. Calculated by the International Renewable Energy Agency (IRENA), the figure calls for large-scale development. The agreement is the beginning of a massive 10G W renewable energy project pipeline in Azerbaijan. Signed in June 2022, Garadagh Solar Park is a monument of Azerbaijan’s first independent solar power project based on foreign investment.
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