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BAKU, Azerbaijan, July . Azerbaijan has
important potential for creating renewable and inexperienced power
sources, reminiscent of photo voltaic and wind energy. With the proper method to
balancing and transitioning to those fuels, the nation’s power
sector can stay a powerhouse each domestically and globally, mentioned
Patrick Herhold, Senior Accomplice and Managing Director at Boston
Consulting Group, in an unique interview with Development.
“The potential for renewable and inexperienced power may be very
important right here in Azerbaijan. The solar is shining quite a bit for photo voltaic
photovoltaics, a significant wind is blowing, so there’s a good
potential for inexperienced energies,” he mentioned.
Azerbaijan has at all times been a dependable companion in power provides
to Europe. Now, amidst geopolitical tensions, power corridors,
demand, and provide balances have modified considerably over the
previous two and a half years, however Azerbaijan continues to play a
essential function in offering important power to Europe. Europe has
turned to Azerbaijan, asking for a rise in pure fuel
manufacturing, which might improve its function as a big companion
in fuel provide, Herhold famous.
Azerbaijan’s important oil and fuel reserves, mixed with its
renewable assets, create a pivotal second for the nation’s
power technique. Transitioning to renewable power will allow the
nation to extend its exports of pure fuel and low-carbon
electrical energy. “Azerbaijan has began to place in place renewable
energies to partially substitute electrical energy technology from fuel,
that means it could possibly export extra fuel, which in itself is an efficient enterprise
case. And going ahead, it could export extra electrical energy, low-carbon
hydrogen and its derivatives alongside corridors to neighboring
international locations, and perhaps even to Europe. And it helps diversify and
greenify the native power combine,” mentioned Herhold.
In some areas, Azerbaijan has a exceptional likelihood to construct a
inexperienced economic system from the bottom up, leveraging its considerable pure
assets. “There have been good renewable tasks introduced and
already being applied in Azerbaijan. I feel one of many distinctive
and particular facets of Azerbaijan is that a few of its territories
have important potential for constructing a inexperienced economic system virtually
from scratch. Not like many different international locations that have to decarbonize
their present industrial buildings, these areas in Azerbaijan do
not have robust industrial bases but. It’s a very participating and
superb alternative to assume not solely about tips on how to make a unclean
place clear, but additionally about tips on how to construct a inexperienced economic system in a spot
that doesn’t but have a stable and broad industrial construction. That
can be an excellent alternative for the nation itself, given its
considerable pure assets,” he mentioned.
Internet hosting COP29 in Azerbaijan is a big alternative and
obligation for the nation, permitting it to indicate its achievements
and potential in local weather motion. However that chance additionally comes
with an obligation.
“The query can be, can Azerbaijan ship by itself dedication
within the subsequent years? A dedication has been made for Azerbaijan to
design a 1.5 degree-compatible path, and that may be a very formidable
decarbonization pathway for the nation. The query can be, what
technique, roadmap, measures and actions does the nation have to
obtain that?”
To attain that targets, adjustments within the power portfolio are
needed. Azerbaijan ought to and might modify its power portfolio,
necessitating new approaches and actions in each authorities
regulation and enterprise mission financing. The regulatory framework
is relatively steady in Azerbaijan but it surely might want to evolve,
Herhold mentioned. That is the case in each nation to handle the
transition in direction of a extra sustainable power future. Azerbaijan has
a really robust place to begin.
Guaranteeing world power safety and transitioning to net-zero
emissions require the creation of correct regulatory frameworks for
secure and sustainable investments. Corporations additionally have to contribute
by taking enterprise dangers and attempting new methods and
applied sciences. “They might want to take sure enterprise dangers. They
might want to discover new methods. They might want to check out new
applied sciences to guarantee that step-by-step, they set themselves up
for a world that can hopefully, sooner or later in time, be a internet
zero emissions world,” Herhold mentioned.
Financing can be a key facet for low-carbon applied sciences, he
mentioned. “Personally, I might nearly at all times say it is much less concerning the
financing as such, but it surely’s about making the enterprise instances work.
To date solely roughly half of the applied sciences that we have to
decarbonize our economies have a optimistic enterprise case. We have to
guarantee that the opposite applied sciences do get into the cash. The
enterprise case is there for renewables, reminiscent of photo voltaic photovoltaics
and wind. It is partially there for warmth pumps. We don’t but have a
enterprise case in all areas and for all purposes in carbon
seize and storage. We don’t but have it absolutely in hydrogen,”
Herhold mentioned.
In keeping with him, there’s a number of speaking about carbon seize
and hydrogen, however the enterprise instances will nonetheless must be
established extra robustly by regulators, governments, business
associations.
“I feel a reconfirmation of the path that has already been
mentioned at prior COPs could be a very good consequence and a
substantiation of commitments. I do not assume we want extra
commitments at that stage. It’s about supply, extra about motion
and making actual progress. Step one is for regulators to place
the frameworks and the enterprise instances in place. And for me,
Azerbaijan can play a key function in advancing on that. Nevertheless, it
could be an excessive amount of burden to count on one nation like Azerbaijan to
clear up the worldwide local weather problem. We had 28 COPs up to now and nonetheless
emissions have elevated each single time. What I do assume is a
significant idea is the ‘troika’, i.e., the mixture of COP28
in Dubai, COP29 in Azerbaijan after which COP30 in Brazil to offer a
extra constant agenda and an evolution throughout the COPs, which is
very a lot wanted as an alternative of 1 nation after one other setting a
completely different agenda,” he added.
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