Masdar: Azerbaijan can become full-fledged pillar of energy connectivity

Azerbaijan has every opportunity to become a full-fledged pillar for ensuring energy connectivity both within the region and beyond, Abdulla Zayed, Masdar's Director of Business and Project Development, said at the 31st Baku Energy Forum, Report informs.

"What I mean is that Azerbaijan is capable of serving as a hub for the implementation of major renewable energy projects, significantly increasing green energy capacity and becoming an exporter in the context of connectivity between Central Asia and Europe. Azerbaijan has vast land resources, as well as abundant available natural resources such as solar and wind energy.

"The country has a proven regulatory system that enables foreign investors and developers to enter the local market to implement large-scale projects," the Masdar director said.

According to Zayed, Azerbaijan already has positive experience in project implementation and a resource base for further increasing renewable energy potential, which makes the country an important anchor point for regional connectivity.

"Azerbaijan has the ability to export electricity in many directions. Secondly, Azerbaijan can serve as a bridge for such connectivity. With access to the Caspian Sea and geographical proximity to Europe, it can connect Central Asia with Azerbaijan and then direct all resources toward Europe. In addition, the country is capable of playing a balancing role in the distribution and trade of electricity between different states both within the region and beyond. In other words, it can also act as a connecting link.

"Thirdly, and in my view most importantly, Azerbaijan is capable of setting an example and sending a strong signal to the rest of the world.

"The country has a deep legacy of a hydrocarbon economy built around the oil and gas industry. However, over roughly the past decade, large-scale investments have been directed into renewable energy. The country's economy has transformed from a purely oil and gas economy into a more sustainable model based on low-carbon solutions, even though Azerbaijan still has huge hydrocarbon reserves. This fact alone sends a clear signal to the international community: if Azerbaijan has been able to achieve this, and if it has demonstrated that the energy balance it has shaped is viable and can develop on the foundation of a hydrocarbon economy, then this is achievable for everyone. No one has any excuse left. Azerbaijan is capable of taking on this decisive and extremely important role in ensuring real connectivity in the region," Zayed said.