Baku, Azerbaijan's Capital, to Host COP29 Climate Summit in November
Abu Dhabi's state-owned renewable energy company, Masdar, announced plans on Tuesday to construct two solar plants and a wind farm in Azerbaijan with a combined capacity of 1 gigawatt.
Masdar signed agreements with Azerbaijan's state oil company Socar on Tuesday for these projects. "We are holding 75%, Socar is holding 25%," Maryam Al Mazrouei, Masdar's head of development and investment for the CIS region, told Reuters.
The 445 MW Bilasuvar Solar PV Project and the 315 MW Neftchala Solar PV Project are expected to be operational by the end of 2026 or early 2027. Al Mazrouei said that the 240 MW Absheron-Garadagh Onshore Wind Project is anticipated to be operating by the end of 2027.
Baku, the capital of Azerbaijan, will host the COP29 climate summit in November. "This builds on the UAE's history of partnership to enhance this country's green growth development and promote sustainable development globally," said COP28 President Sultan Al Jaber, who chairs Masdar and is the chief executive of UAE state oil giant ADNOC, in Baku on Tuesday.
Nearly 200 countries agreed at COP28 to "transition away" from fossil fuels. Al Jaber reiterated on Tuesday that the UAE climate fund Alterra will raise over $200 billion in investments over the next six years. The $30 billion fund, launched in December, aims to attract $250 billion of institutional investments by 2030.
Alterra was established by Lunate, an Abu Dhabi alternative investment manager owned by its senior management and Chimera Investment, which is part of a business empire overseen by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's national security adviser.
#sustainability #uaenews #abudhabi #uaetourism #solarenergy
