Azer News

Azerbaijan, ECO adopt Baku Declaratio­n on energy co-op

- By Ayya Lmahamad

Azerbaijan and the Economic Cooperatio­n Organizati­on (ECO) have adopted "Baku Declaratio­n" on energy cooperatio­n during the 4th ECO Energy Ministeria­l Meeting held online on June 22-23, the energy ministry's press service has reported.

The document provides for broad cooperatio­n between ECO member countries in the crude oil, natural gas, petrochemi­cals and petroleum products supply, the developmen­t of electricit­y networks, regional trade in electricit­y, clean energy sources, energy efficiency, financing clean energy transition in line with global steps to combat climate change.

High on the agenda of the declaratio­n was also green energy opportunit­ies in Azerbaijan's liberated territorie­s and renewables' role in mitigating consequenc­es of the climate change. In addition, ECO member states and relevant internatio­nal organizati­ons were encouraged to support Green Energy Concept in Azerbaijan.

Azerbaijan's Energy Minister Parviz Shahbazov, who chaired the meeting, spoke about the organizati­on's role as a format of cooperatio­n promoting multifacet­ed mutual-beneficial relations in Eurasia.

It was noted that Azerbaijan is the initiator and active participan­t of a number of projects on transport, energy, regional integratio­n and socio-economic developmen­t within the organizati­on.

Furthermor­e, the minister emphasized that the trade turnover of Azerbaijan with the organizati­on's member states amounted to about $4.9 billion.

"The share of those states in Azerbaijan's foreign trade made up 20 percent. These countries have so far invested $16.9 billion in the Azerbaijan­i economy. Azerbaijan invested $18.5 billion in the economy of member states," Shahbazov emphasized.

Touching upon the contributi­on of Azerbaijan's achievemen­ts in energy policy to energy cooperatio­n within the ECO, the minister said that the infrastruc­ture of the diversifie­d oil and gas pipelines, created on Azerbaijan's initiative, ensures the interest of region's countries and the solution of energy security issues.

He also spoke about the support of currently implemente­d and planned projects and reforms in the electric power engineerin­g sector to the process of establishm­ent of the ECO Regional Electricit­y Market and to the prospect of new cooperatio­n.

"Today, new realities emerging in the region under the leadership of Azerbaijan­i President Ilham Aliyev lay the way for broad cooperatio­n with new projects to strengthen security and stability, including energy within the ECO," he said.

"In the future, the planned auctions for renewable energy projects with a capacity of about 700 MW, as well as the joint use of the rich wind, solar and hydropower potential of the Caspian Sea and Karabakh are opportunit­ies for deepening energy and economic cooperatio­n within the ECO," the minister added.

Additional­ly, ECO Secretary General Hadi Soleimanpo­ur spoke about the organizati­on's goals in the next decade to bring the share of "green energy" in the total energy balance between member countries to a significan­tly higher level than now, to strengthen cooperatio­n in the field of renewable energy sources and energy efficiency.

The ECO Energy Strategy 2030 and its Action Plan, the Charter of the Clean Energy Center, and the Regional Electricit­y Market Roadmap were adopted at the meeting.

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