IFC to Push Azerbaijan’s Shift towards Renewable Energy

Image: PixabayImage: Pixabay
IFC, a member of the World Bank Group, and Azerbaijan's Ministry of Energy have signed a Memorandum of Understanding for the development od wind energy in the country.

Official Press Release IFC:

IFC to Support Azerbaijan’s Shift from Fossil Fuels to Renewable Energy, Drive Economic Diversification

In a bid to develop the offshore wind energy sector as part of Azerbaijan's efforts to shift to renewable energy sources, IFC, a member of the World Bank Group, and Azerbaijan's Ministry of Energy today signed a Memorandum of Understanding. The aim is to support the country in reducing reliance on fossil fuels for electricity generation and facilitating private sector participation in the power sector.

The technical potential of offshore wind energy in Azerbaijan is estimated at 157 gigawatts, according to an analysis provided by the World Bank's Energy Sector Management Assistance Program (ESMAP). This represents vast potential when... ... More: Official Press Release IFC

World Bank, Azerbaijan, offshore, ESMAP, potential, gigawatts, capacity, greenhouse gas emissions, reduction, renewable energy, use, electricity, carbon emissions

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