MENA Newswire News Desk: The International Renewable Energy Agency (IRENA), in partnership with the COP29 Presidency and Azerbaijan’s Ministry of Energy, announced today that the first Energy Transition Investment Forum for Central Asia will be held in Baku on November 15-16, 2024. This forum will focus on unlocking investment opportunities in renewable energy across the region, aligning with the COP29 action plan.
The event is a key part of the COP29 agenda, which President-Designate Mukhtar Babayev has emphasized in communications to stakeholders, focusing on enhancing ambition and driving climate finance to the forefront of discussions. According to Babayev, Azerbaijan is working closely with neighboring Central Asian countries to support the transition to green energy, highlighted by recent agreements to interconnect electricity systems between Azerbaijan, Uzbekistan, and Kazakhstan.
IRENA Director-General Francesco La Camera underscored Central Asia’s vast potential for renewable energy but acknowledged the barriers to attracting necessary investments. “This forum is designed to tackle those barriers, create connections among stakeholders, and bring international attention to renewable projects in the region,” he said.
Babayev added that Azerbaijan is deeply committed to green energy and regional cooperation. “As we prepare to host the world in Baku for COP29, we hope this forum will serve as a catalyst for Central Asia’s development in renewable energy,” he stated. He also pointed out the region’s young population, strong renewable energy capacity, and growing economies as crucial factors driving the transition.
Azerbaijan’s Minister of Energy, Parviz Shahbazov, highlighted the importance of regional cooperation in renewable energy development. “The interconnection of energy systems in Azerbaijan, Kazakhstan, and Uzbekistan is just one example of the strategic steps being taken. We are confident this forum will attract investors and strengthen green energy partnerships,” he said.
The two-day forum will serve as a platform for dialogue among governments, investors, financial institutions, and key stakeholders to address opportunities and challenges in advancing renewable energy development. The event will feature bilateral sessions and an exhibition showcasing renewable energy projects from Central Asia, providing investors and stakeholders the chance to engage directly with project developers.
IRENA has invited project developers from across Central Asia to submit their renewable energy projects for potential matchmaking with investors at the forum. Selected projects may also be considered for the Climate Investment Platform (CIP) and IRENA’s Energy Transition Accelerator Financing (ETAF).