BAKU, Azerbaijan, January 18. Azerbaijan is going to play a huge role in ensuring the renewable energy security of Europe due to the export of 3 GW of green energy and hydrogen via the Black Sea Energy submarine cable, Parviz Shahbazov, Minister of Energy of Azerbaijan, said, Trend reports referring to the Ministry of Energy.
Shahbazov made the remark during his speech at the "Green Hydrogen Summit" as part of the Abu Dhabi Sustainability Week.
He noted that green hydrogen, which is of paramount importance in the global transition to a zero-emission economy, is considered an alternative energy tool from the point of view of ensuring energy and environmental security.
The minister noted that the transformation of Azerbaijan into a country of green growth with a clean environment by 2030 is a state policy.
"The political will regarding green energy, the potential of renewable energy sources of about 200 GW, and the environment of reliable partnership allow Azerbaijan to become a supplier of renewable energy, including hydrogen. All of this also facilitates the country's energy transition," he adds.
Shahbazov also noted that the cooperation with Masdar, ACWA Power, BP, and Fortescue Future Industries on creating a total of more than 22 GW of green energy and hydrogen will contribute to the energy transition at the national and global levels.
He also mentioned that Azerbaijan is a country that diversifies Europe's energy supply with alternative sources.
"Our country is not only a supplier of oil and natural gas to Europe but also a potential source of renewable energy - hydrogen. Thus, as a reliable partner, Azerbaijan is able to contribute to the plans related to clean fuel," said the minister.
Shahbazov also noted that currently, the possibility of increasing gas supplies, as well as hydrogen transportation through the Southern Gas Corridor, which plays a strategic role in diversifying gas supplies to Europe, is being considered.
The energy minister noted that hydrogen, just like the production and export of green energy in general, is an important component of Azerbaijan's updated strategic energy partnership with the EU.
In addition, the expectations for the development of green hydrogen on a global scale, the changing dynamics of production costs against the background of the energy crisis, and the factors necessary for the competitiveness of hydrogen production were also discussed during the summit. Within the context of global cooperation also were noted the investments in this area, the creation of extensive infrastructure, and supply chains for the storage, transportation, and end-use of hydrogen.
Azerbaijan’s renewable energy potential exceeds its installed capacity by four times.
Azerbaijan’s installed capacity for electricity production is 7.5 GW, while the country’s cost-effective renewable energy potential is around 27 GW. The major part of this volume, 23 GW accounts for solar energy, while onshore wind energy potential stands at about 3 GW. Azerbaijan also has immense potential for offshore wind energy both in the shallow part and deepwater, which is estimated at 157 GW, 20 times more than the installed capacity. It is planned to use this potential in the medium and long term after conducting economic, technical, and other assessments.
At the same time, the potential of wind, solar, and hydropower in the liberated lands (Karabakh and Zangazur Economic Zones) – exceeds 10 GW.
Azerbaijan is aimed at increasing the share of renewables in the installed capacity of electricity to 24 percent in 2026, and 30 percent in 2030.