Babayev: Power investment must rise to $600 billion by 2030

Annual investment in the power sector should increase to around $600 billion by 2030, Mukhtar Babayev, Azerbaijan's Presidential Representative on Climate Issues, said.

According to Report, he made the remarks at Baku Climate Action Week 2026 (BCAW 2026).

Babayev said the transition to clean energy is continuing, but practical implementation remains the main challenge.

He stressed that the energy transition must ensure reliability, accessibility and affordability at the same time, adding that there is no single universal pathway suitable for all countries.

"Countries need to expand the use of renewable energy, improve energy efficiency, modernize power grids and introduce new technologies. All of this requires significant investment," he said.

Babayev also emphasized the importance of strengthening regional cooperation.

"Our region, the South Caucasus, includes countries with different energy systems, economic structures and development needs. That is precisely why regional cooperation is so important," he said.

According to Babayev, many of the obstacles countries face are similar, ranging from technological and financial gaps to challenges related to standards, professional skills and institutional capacity.