The International Renewable Energy Agency (IRENA) and Azerbaijan have launched a new partnership aimed at accelerating renewable energy deployment in Central Asia. Unveiled at the COP29 Energy Transition Investment Forum, the partnership focuses on fostering green industrialization and increasing energy cooperation across the region.

The Accelerated Partnership for Renewable Energy in Central Asia (APRECA) is designed to leverage the region’s abundant renewable energy resources through a framework of regional cooperation. This initiative will focus on fast-tracking investments, enhancing inter-regional connectivity, and creating opportunities for renewable energy trade.

“Azerbaijan, with its strategic position and renewable energy potential, can help lead the region’s transition,” said IRENA Director-General Francesco La Camera. The initiative aims to meet the region's rising energy demands, diversify its energy mix, and help achieve climate objectives.

Azerbaijan’s Minister of Energy, H.E. Parviz Shahbazov, emphasized the importance of regional collaboration for energy security and the green transition. Azerbaijan aims to have 30% of its domestic energy from renewable sources by 2030 and to export 5GW of renewable energy to Europe by the same year.

The Central Asia Energy Transition Investment Forum also addressed key issues such as investment needs, financial frameworks, and access to climate finance. Despite challenges in developing a bankable pipeline of projects, the forum highlighted the strong potential for green energy to stimulate economic growth and contribute to global climate goals.

“This partnership is a historic step in transforming the region’s energy future,” Shahbazov said, inviting investors to support the green transition.

Source: energyconnects.com