The expansion of Azerbaijan's renewable energy capabilities will allow increasing energy exports in the future, the representative of the International Finance Corporation (IFC) in Azerbaijan, Aliya Azimova, said at the event titled “Raising Ambition, Delivering Action: COP29 Sustainable Business Forum”, Report informs.

Assisted by the World Bank and the International Finance Corporation (IFC), Azerbaijan has developed a strategic Roadmap for the advancement of offshore wind energy. This comprehensive plan indicates that, by the year 2040, Azerbaijan could potentially establish up to 7.2 gigawatts (GW) of offshore wind energy facilities. This projection is based on the long-term development of necessary infrastructure and the successful attraction of investments, aligning with the nation’s commitment to decarbonization and sustainable growth. Conversely, the Roadmap also presents a conservative estimate under a low-growth scenario, suggesting a potential capacity of 1.5 GW.