The Kingdom of Saudi Arabia has expressed its appreciation for the successful hosting of COP29 in Azerbaijan and is eager to continue cooperation in various green energy sectors, the Kingdom's Energy Ministry told Report.
"First of all, we would like to congratulate Azerbaijan on successfully hosting COP29. A historic agreement on climate financing was signed at the event, laying the foundation to achieve ambitious financial targets in the future," the ministry noted.
The ministry also stated that Saudi Arabia and Azerbaijan are collaborating on various initiatives to combat climate change. A notable example is the collaboration between ACWA Power and the State Oil Company of Azerbaijan (SOCAR) on the construction of the Khizi-Absheron wind power plant in Azerbaijan, which has a capacity of 240 MW and an investment value of $345 million. Additionally, the two companies are working together on the development of carbon capture and storage technologies.
The Ministry of Energy also highlighted that both countries are engaged in projects aimed at enhancing energy efficiency and developing renewable energy, including the joint evaluation of the Low Carbon/Green Fertilizer project.
"Aligned with Saudi Arabia's Vision 2030 and Azerbaijan's sustainable development commitments, both countries aim to reduce greenhouse gas emissions and contribute to global efforts in fighting climate change. All projects undertaken are in line with our national climate targets and the Paris Agreement, which both countries have signed," the ministry emphasized.
In April 2024, SOCAR and ACWA Power signed a cooperation agreement focused on green fertilizers. The agreement outlines collaboration on the potential production and subsequent sale of green fertilizers (mainly urea) within the framework of the Low Carbon/Green Fertilizer project.
