Baku, March 18, AZERTAC The Azerbaijan State News Agency (AZERTAC) presents an exclusive interview with Charles Ellinas, CEO of the Cyprus energy consulting company e-CNHC. -What key steps has Azerbaijan taken in 2024 to increase the share of renewable energy, and which new projects with international partners will play a crucial role in achieving the 30% target by 2030? - In 2024, Azerbaijan made significant progress in developing renewable energy, aiming to diversify its energy balance and reduce greenhouse gas emissions. The implementation of renewable energy in electricity production increased by 80% compared to 2023, accounting for 14% of the total volume. Agreements with international companies such as Masdar, BP, and ACWA Power may play a key role in achieving the country’s goal of increasing the share of renewable energy to 30% by 2030. -How will the creation of Green Energy Corridor Power Company and the construction of an underwater pipeline across the Black Sea impact Europe's energy security, and what obstacles exist to doubling Azerbaijan's gas exports through the Southern Gas Corridor? -Azerbaijan, in collaboration with neighboring countries such as Georgia, Romania, and Hungary, has established the Green Energy Corridor Power Company. The company plans to build an underwater pipeline 1,100 km long across the Black Sea, which will connect Azerbaijan to Europe as part of the EU’s initiative to diversify energy resources.Furthermore, Azerbaijan is negotiating with Europe to potentially double its gas exports through the Southern Gas Corridor, especially given the cessation of Russian gas flows to Europe through Ukraine. However, for this to happen, European energy companies need to sign long-term gas purchase contracts, which is complicated by the current EU gas policy aimed at reducing dependency on natural gas by 2030 and beyond. This creates obstacles to signing long-term contracts. -What key factors contribute to the development of renewable energy in Azerbaijan? -Azerbaijan has excellent opportunities for developing solar and wind energy, including offshore projects in the Caspian Sea. Key factors contributing to the growth of renewable energy sources include tax incentives, regulatory reforms, and strong government support and policies.Projects such as the Garadag Solar Power Plant and the Khizi-Absheron Wind Power Plant are world-class examples that highlight the country's commitment to the development of renewable energy. Azerbaijan's success in promoting regional cooperation and international partnerships underscores its potential to become a leader in renewable energy sources in the region. - How can international cooperation contribute to the development of green technologies and attracting investments? -Abundant renewable resources can help Azerbaijan diversify its energy economy by complementing oil and gas production and exports. Its strategic location between Europe and Asia, along with projects such as the Green Energy Corridor, creates unique opportunities for the country to become a hub and exporter of renewable energy. Cooperation with international companies can also attract foreign investments and contribute to the development of local expertise in green technologies. - What steps is Azerbaijan taking to develop renewable energy, technologies, and innovations in order to strengthen regional and global economic cooperation? - Azerbaijan can leverage its strategic location, energy resources, and developed infrastructure to expand economic cooperation with neighboring countries and international partners in the fields of energy, trade, and technology. This will help strengthen its regional and global influence, promoting mutual economic growth and sustainable development.The transition to sustainable energy opens new prospects, particularly in the areas of renewable energy sources, including green hydrogen, energy storage technologies, as well as the development of industry and infrastructure. Additional opportunities are created in the field of technologies and innovations aimed at improving renewable and green technologies, as well as enhancing energy efficiency. -What benefits will Azerbaijan gain from diversifying its energy balance for domestic consumption and export? -Azerbaijan has significant potential to develop new industries and industrial clusters, including the production of components for solar panels, wind turbines, energy storage systems, as well as the production and export of green hydrogen, eco-friendly building materials, and renewable energy equipment. Realizing these opportunities will require the government to introduce attractive incentives, tax benefits, and subsidized financing programs.With favorable conditions, Azerbaijan is capable of effectively diversifying its energy balance for both domestic needs and export. This will contribute to sustainable economic growth, reduce dependence on traditional energy resources, and strengthen the country's position as a regional leader in green technologies.