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Azerbaijan has significant potential in the field of renewable energy sources, Senior Partner, Managing Director of Boston Consulting Group Patrick Herhold said at an international conference held during the Climate Action Week in Baku today, Trend reports.
"Given Azerbaijan's size, there's a goldmine of potential in the renewable energy sector," he explained.
According to him, Azerbaijan needs to strategically approach policy formation to create an effective transition to green energy and establish business frameworks.
"I believe it is important for the country to have a clear policy: how to support already profitable technologies and which technologies that are not yet generating income are planned for development. This needs to be clearly and thoroughly outlined. Without this, confusion and distrust in the market will arise," he emphasized.
Herhold also highlighted the importance of having a reliable and understandable policy that creates frameworks, especially for technologies that are not yet profitable, and for establishing partnerships. To note, Baku will host Action Week for the first time from September 30 to October 4, 2024.
The event will form the basis of the climate agenda ahead of COP29 in Baku in November.-The Baku Climate Action Week (BCAW 2024) will bring together key stakeholders from a range of fields such as politics, finance, trade, investment, science, arts, culture, civil society, and media.
The main themes of the event are “energy transition," “cities and urbanized environments," “water security," “food and agriculture," "SMEs,” and “green skills.”
The first half of the week (from September 30 through October 2) will focus on climate solutions involving government agencies, academia, and the private sector. The second half (October 3-4) will focus on science, education, arts, culture, and other sectors.
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