Azerbaijan needs to take vigorous decarbonization measures to remain competitive in the global market and effectively develop its resource base, reads the Energy Transition Blueprint by the Boston Consulting Group (BCG) Center for Energy Impact (CEI), XQ informs.
“Hydrocarbons remain an important part of the energy balance around the world and in Azerbaijan. However, to stay competitive internationally and effectively develop the resource base, decarbonization is essential. This process is also crucial to strengthen the status of a reliable supplier of affordable high-quality energy resources for the EU countries and other major markets,” said Anton Kosach, a BCG managing director and partner.
“The “decarbonization race” began in the 2010s and boomed in 2020-2021. Around this time, Azerbaijan set ambitious goals to reduce emissions by 30% by 2030. With only 7 years remaining until 2030, this timeframe roughly aligns with a single investment cycle for major companies.
To realize announced plans and bridge the gap with those market players who started much earlier, the country needs to double down on excellence in delivering and financing energy transition in renewables,” BCG added.
