Azerbaijan’s energy minister urges increased investment to achieve global green energy goals

Azerbaijan’s Minister of Energy Parviz Shahbazov emphasized the urgent need for substantial investments to meet global renewable energy and energy efficiency targets.

Speaking at the "Ministerial Dialogue: Scaling up Investment for Tripling Renewables and Doubling Energy Efficiency" event during COP29 in Baku, Shahbazov referenced analyses by the International Energy Agency (IEA) and the International Renewable Energy Agency (IRENA), which call for at least 11,000 GW of installed renewable energy capacity and a global energy efficiency growth rate above 4%, News.Az reports.

Despite record achievements in 2023, with 473 GW of new renewable capacity installed globally and $570 billion in investments, Shahbazov warned that achieving the transition to green energy will require more than doubling these figures and increasing investments in energy efficiency by sevenfold. He stressed the importance of modernizing grids, expanding energy storage, and enhancing energy efficiency measures, all of which are projected to require a total investment of $31.5 trillion by 2030.

Shahbazov further cautioned that even if current national ambitions are fully realized, the world would still fall 30% short of the 2030 targets. "This is a crucial warning—we must intensify global efforts and raise our ambitions to accelerate the energy transition," he concluded.

News.Az