13:27 - 12.11.2024

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November 12, Fineko/abc.az. “According to analyses by the IEA and IRENA, substantial and accessible investments are required to achieve at least 11,000 GW of installed renewable energy generation capacity and an annual global energy efficiency growth rate above 4%,” said Parviz Shahbazov, Azerbaijan’s Minister of Energy, as he addressed the event on the theme “Ministerial Dialogue: Scaling up Investment for Tripling Renewables and Doubling Energy Efficiency” held on the margins of COP29 in Baku.

The minister stressed that despite last year’s record achievements, with 473 GW of new renewable energy capacity installed globally and $570 billion in investments, advancing the transition to 'green energy' will require more than doubling these figures and increasing investments in energy efficiency by sevenfold.

“Modernizing and expanding grids, enhancing energy storage capacities, and strengthening energy efficiency measures are essential, which requires a total investment of $31.5 trillion in the energy transition by 2030. Even if all current national ambitions are fully achieved, we will still fall 30% short of our 2030 targets. This is a crucial warning-we must intensify global efforts and raise our ambitions further to accelerate the energy transition,” Parviz Shahbazov added.