"Privately developed renewables are also helping make energy systems more efficient, environmentally and people-friendly and sustainable. Azerbaijan, where state-owned companies are responsible for 90 percent of energy generation, will in particular benefit from private investment in cutting-edge renewable projects. In addition, making better use of the country’s renewable energy potential can help direct more natural resources to higher value export market while helping to diversify the country’s economy," said the Bank.
EBRD noted that developing and adopting energy efficiency measures and renewable sources of energy in any country fuels economic growth, creates new employment opportunities, enhances human welfare and contributes to a climate-safe future.
"The positive impacts on the economic growth are driven by the increased investment in renewable energy deployment, which triggers ripple effects throughout the economy. Greater demand for renewables, will also create more jobs in the sector," the Bank said.
Azerbaijan prioritizes the use of renewable energy sources in the development of the energy sector. The country signed major contracts on pilot projects for construction of a 240 megawatt wind farm and a 200 megawatt solar power plant with Saudi Arabia’s ACWA Power company and UAE’s Masdar company on January 9, 2020.
Presently, consistent steps to develop alternative energy are being taking in Azerbaijan.
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