IRENA And COP29 Presidency To Host Energy Transition Forum In Baku Mobilizing Investments For Central Asia’s Renewable Energy

The International Renewable Energy Agency (IRENA), in collaboration with the COP29 Presidency and the Ministry of Energy of Azerbaijan, is set to host the first Energy Transition Investment Forum for Central Asia in Baku, Azerbaijan, on November 15-16, 2024. This two-day event aims to bring together global and regional stakeholders to mobilize investments for renewable energy projects across the region.

The forum aligns with the priorities outlined for COP29 by President Designate H.E. Mukhtar Babayev, emphasizing the importance of climate finance and enhancing ambition for climate action. IRENA’s Director-General, Francesco La Camera, highlighted that Central Asia has significant potential for renewable energy development, but attracting investment remains a challenge. The forum is designed to address these investment barriers and foster coordination among stakeholders while increasing global awareness of regional projects.

COP29 President-Designate Babayev expressed Azerbaijan’s commitment to a green energy transition. He noted that cooperation with neighboring countries, such as Uzbekistan and Kazakhstan, is vital for advancing renewable energy initiatives. This cooperation includes a recent agreement on the interconnection of electricity systems among these countries, demonstrating a unified approach to energy transition.

Minister of Energy Parviz Shahbazov emphasized Azerbaijan’s strategic steps to enhance regional renewable energy projects. He pointed out the importance of interconnecting the energy systems of Azerbaijan, Kazakhstan, and Uzbekistan to deliver Central Asia’s energy potential to Turkish and European markets through green energy corridors. Shahbazov believes the Energy Transition Investment Forum will serve as a valuable platform to strengthen partnerships with Central Asian countries, attract investors, and facilitate collaborative projects.

The forum will provide a space for dialogue among various stakeholders, including governments, financial institutions, investors, development partners, and project developers. Participants will discuss both opportunities and challenges in advancing renewable energy development and scaling up investments in energy transition technologies. The event also aims to build on the outcomes achieved during COP28 in the UAE.

In addition to discussions, the forum will include opportunities for bilateral sessions and an exhibition area showcasing renewable energy projects from Central Asia to global investors. IRENA encourages project developers from the region to submit their renewable energy and energy transition projects for potential matchmaking with investors and financiers at the forum. Selected projects may also be considered for IRENA’s Climate Investment Platform (CIP) and the Energy Transition Accelerator Financing (ETAF) initiative.

The Energy Transition Investment Forum represents a critical step in fostering investment and collaboration in Central Asia’s renewable energy sector. By convening key stakeholders, the forum aims to catalyze action towards a sustainable energy future in the region, leveraging the area’s renewable energy resources and supporting economic growth.