Shahbazov calls for increased investment in oil & gas to secure market

Azerbaijani Energy Minister Parviz Shahbazov has stated that an accelerated energy transition without proper preparation may pose risks to global energy security.

According to a Report correspondent from Antalya, he made the statement at a panel session on energy at the Antalya Diplomacy Forum.

He noted that the global economy remains approximately 80% dependent on hydrocarbons, and this structure has not changed significantly.

"Global energy demand is growing by approximately 3.5% annually, and we require ever more resources. At the same time, the development of renewable energy sources does not replace hydrocarbons, but merely complements the overall energy balance," the minister noted.

He added that the renewable energy sector has been actively developing in recent years and has shown growth: last year, it reached approximately 15.5%, but this growth does not replace hydrocarbons.

"That is, it is not a replacement; rather, it is a supplement to the level of energy needed for the dynamic development of the global economy in the future," the minister emphasized.

Shahbazov noted that poorly thought-out decisions during the energy transition can lead to negative consequences.

"The energy transition is happening, but it must be smart. In my opinion, poorly thought-out decisions during the energy transition sometimes create problems. For example, when underinvestment in the development of the hydrocarbon sector. Ultimately, we come to the question of energy security. All forms of energy must be considered, since there is no other way," Shahbazov added.

According to him, a more balanced approach to the energy transition can increase countries' energy independence.

"The more thoughtfully the energy transition is carried out, the more independence countries gain in terms of energy supply, since this builds their independence," he emphasized.