Deployment of cheap solar and wind is surging towards the global goal of tripling renewable capacity and doubling energy efficiency by 2030 - with clean energy on course to meet half of all electricity demand worldwide. New actions announced today at COP29 in Baku have given the energy transition a further boost.
Developed nations have agreed to help channel "at least" $300bn a year into developing countries by 2035 to support their efforts to deal with climate change. However, the new climate-finance goal – agreed along with a range of other issues at the COP29 summit in Baku, Azerbaijan – has left developing countries bitterly disappointed.
The Baku Finance Goal sets new global target to channel $1.3tn of climate finance to developing countries by 2035 in significant uplift. This includes a new core finance goal of $300bn that triples the previous $100bn target. Breakthroughs on the Baku Finance Goal and UN carbon markets defy expectations as a result of year of intensive multilateral diplomacy led by Azerbaijani COP29 Presidency.
Nov 26, 2024. With so much riding on the outcomes of COP29 in Baku, Azerbaijan, ministers from both developing and developed nations worked into the early hours of Sunday, November 24, to secure a deal on a new climate finance target. At the heart of the often-tense deliberations was raising the requisite climate finance needed to support
At the annual Conference of Parties (COP) last year, a historic decision called for all member states to contribute to tripling renewable energy capacity and doubling energy efficiency by 2030.. A year later at COP29 in Baku, Azerbaijan, the clean energy transition has accelerated with yet another decisive pledge for the power sector – one of the more significant decisions to come out of
IEA (2023), Azerbaijan energy profile, IEA, Paris https://, Licence: CC BY 4.0
Situated in the southern Caucasus region, Azerbaijan is bordered by the Caspian Sea to the east, Armenia and Georgia to the west, the Russian Federation (hereafter, "Russia") to the north, and the Islamic Republic of Iran (hereafter, "Iran") to the south. Its population of 10.1million occupies approximately 86600square kilometres, with Baku being the capital and largest city.
Azerbaijan has undergone significant economic transformation since gaining independence in 1991, with its large oil and gas reserves driving strong growth in the 1990s and 2000s. However, its heavy dependence on extractive industries has left Azerbaijan exposed to the negative effects of oil price volatility.
From 2013 to 2017, growth in gross domestic product (GDP) averaged 1.4% per year, down from 5.5% during 2008 to 2012. The country''s hydrocarbon sector was responsible for the bulk of the decline, as it contributes roughly one-third of GDP and makes up over 90% of total exports. The 2014 downturn in global oil prices and the ensuing decline in oil production pushed this contraction. Furthermore, the oil price drop also led to lower remittances from Azerbaijan''s hydrocarbon-rich trading partners.
Nevertheless, Azerbaijan''s economic growth recovered quickly after being severely hit by the Covid-19 pandemic, which caused the country''s economy to contract 4.3% in 2021 (5.6% according to the government). Strong performance in manufacturing, transportation, retail trade, and information and communications technologies supported recovery, and growth also continues to rebound in services, including the hospitality sector.
Oil and gas make up more than 90% of Azerbaijan''s exports, with production increasing considerably in the 2000s following discovery of the Shah Deniz gas field, to reach record levels in 2010. The government and international companies have invested substantially in the energy sector, and the construction of several new power plants as well as rehabilitation and modernisation of the gas and electricity networks have improved reliability and security of supply.
Azerbaijan''s renewable energy development potential is considerable. The country has excellent solar and wind resources and significant biomass, geothermal and hydropower prospects. Practical deployment has been limited, however, considering the scale of available resources and the country''s long-term ambitions.
Renewables also offer the most promising low-carbon solution to meet Azerbaijan''s climate targets. The country has committed to reduce its greenhouse gas (GHG) emissions 35% by 2030 from the 1990 base year set in its nationally determined contribution (NDC) under the Paris Agreement, which emphasises the use of alternative and renewable energy sources to achieve this target.
Despite widespread privatisation of the economy since the country gained its independence, Azerbaijan''s energy sector remains predominantly government owned. Only a handful of small hydropower plants are in private ownership, and they account for less than 1% of electricity generation.
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