In the medium term, Azerbaijan plans to complement its energy portfolio with low‑carbon molecules – green hydrogen and green ammonia, Report informs, citing Afgan Isayev, Vice‑President of the State Oil Company of Azerbaijan (SOCAR), speaking at the forum on Azerbaijan's investment prospects held within the annual meetings of the Islamic Development Bank (IsDB) Group in Baku.
"As yet, we have not been able to achieve positive results in the feasibility studies of the planned pilot projects – as some of our colleagues here are aware – because significant economies of scale are required to ensure their economic viability. However, we are continuing work in this direction," the SOCAR Vice‑President emphasised.
Isayev also recalled that, according to Azerbaijan's strategy, the share of renewable energy sources in the country's energy balance should reach 30% by 2030.
"Based on all the progress we have recorded and all the up‑to‑date information on project implementation status, we are getting the impression that we will actually exceed this target. The range is already 34%, and possibly up to 38%. Azerbaijan does not intend to abandon its role as a reliable oil and gas exporter. We are simply building new elements on top of the existing foundation. For us, this is not an ideological transformation. It is an economic opportunity. The point is that the more renewable energy capacity and facilities we commission and build, the more natural gas we can free up. At the same time, we can direct more of it to both regional and European markets. In addition, we count on additional financial support from you," he added.
https://report.az/en/energy/socar-vice-president-speaks-on-prospects-for-low-carbon-energy-in-azerbaijan