The Worldwide Renewable Vitality Company (IRENA), COP29 Presidency and Ministry of Vitality of Azerbaijan introduced at this time that the primary Vitality Transition Funding Discussion board for Central Asia can be hosted in Baku, Azerbaijan, on 15-16 November 2024.
The occasion is strategically aligned with the COP29 priorities and motion agenda outlined by President Designate Mukhtar Babayev in a current letter to events and constituents, specializing in enhancing ambition and enabling motion, with local weather finance underscored as a high precedence.
IRENA Director-Common Francesco La Digicam mentioned: “Central Asia holds large potential for renewable vitality growth, but they face important challenges in attracting the required funding. The COP29 Vitality Transition Funding Discussion board in Baku is particularly designed to deal with funding boundaries, coordinate motion amongst stakeholders, and convey international publicity to tasks from the area.”
COP29 President-Designate Mukhtar Babayev added: “Azerbaijan is dedicated to a inexperienced vitality transition and there may be at present shut cooperation with neighboring international locations in Central Asia within the discipline of renewable vitality. Initiatives such because the current settlement between the vitality ministers of Azerbaijan, Uzbekistan and Kazakhstan on the interconnection of electrical energy programs are testomony to this cooperation. When the world gathers in Baku this November, we hope that COP29 can function a springboard for Central Asia to progress on a inexperienced and simply growth pathway, aided by a younger inhabitants, renewable vitality capability and vibrant economies, and entice the funding wanted to proceed on this path.”
Minister of Vitality Parviz Shahbazov acknowledged: “Azerbaijan is taking essential steps to comprehend the initiatives of strategic significance that allow the event of renewable vitality with regional tasks. Interconnection of the vitality programs of Azerbaijan, Kazakhstan, and Uzbekistan and delivering the large vitality potential of the Central Asian international locations to the Turkish and European markets by means of inexperienced vitality corridors is one among our priorities. We’re satisfied that the Vitality Transition Funding Discussion board to be collectively held by IRENA and Azerbaijan throughout COP29 can be a productive platform that can strengthen the inexperienced vitality partnership with the Central Asian international locations, entice traders and vitality corporations and facilitate our joint tasks.”
The 2-day discussion board will provide a platform for enhanced dialogue amongst governments, monetary establishments, traders, growth companions, undertaking builders, and different key stakeholders concerning alternatives and challenges in advancing renewable vitality growth and scaling up investments in vitality transition-related applied sciences to advance the UAE Consensus Outcomes achieved at COP 28. It’ll additionally function alternatives for bilateral classes and an exhibition space showcasing renewable vitality tasks from the area to international traders and stakeholders.
IRENA invitations undertaking builders from Central Asia to submit their renewable vitality and vitality transition tasks for potential matchmaking with traders and financiers on the Funding Discussion board. Chosen tasks may qualify for consideration by the Climate Investment Platform (CIP) and IRENA’s Energy Transition Accelerator Financing (ETAF).
