Azerbaijan develops legal framework for geothermal energy

Azerbaijan is developing a legislative framework for geothermal energy, said SOCAR Vice President Afghan Isayev during a speech on the third day of Climate Week in Baku, Report informs.

He noted that solar and wind energy are already developing actively and that, with government support, Azerbaijan could exceed its target of generating 30% of its energy from renewable sources by 2030.

"Now our task is geothermal energy. This is a more risky area, but it can be used both for heating and electricity generation. The Ministry of Energy has included this issue in the state program to prepare new legislation and risk-mitigation mechanisms," Isayev said.

According to him, SOCAR, together with Schlumberger and Baker Hughes, has conducted studies and identified areas with significant potential.

"We are now looking for an equity partner to share the risks. We need a partner who knows how to develop such projects because we do not have experience in this field," Isayev noted.