ISLAMABAD: The global leaders of the United Nations Climate Change Conference (COP 29) are set to pledge a collective goal of deploying "1,500 GW of energy storage and Grid" in the global power sector by 2030. This target represents more than six times the level of energy storage in 2022, with efforts focused on achieving this ambitious goal.
The resolution recognizes the essential role of energy storage and grid infrastructure in enabling resilient, decarbonized global energy systems. Energy storage technologies will enhance grid stability, integrate variable renewable energy, optimize grid usage, and improve energy security. Expanding and modernizing grids is necessary to maximize energy storage deployment and ensure efficient integration of renewable energy.
With a population of just over ten million, the former Soviet Republic joins the United Arab Emirates (UAE) and Qatar in a select group of small nations that have hosted the conference, dwarfed by recent hosts such as Egypt, the UK and Spain.
Azerbaijan''s hosting duties reflect a major point of debate at COP28: the role of smaller developing nations in climate change and their level of responsibility relative to global superpowers such as the US and China.
Since Azerbaijan was announced as the host of COP29 in January, the country has been proactive in attempting to demonstrate it is more than a compact and effective petrostate: the government has a target for renewables to account for 30% of the nation''s total installed capacity by 2030.
However, critics are concerned that with the country being so dependent on oil and gas revenues for its growth, we could be heading for a repeat of the controversy surrounding last year''s conference in Dubai, where the fossil fuel industry dominated climate agreements.
Azerbaijan has also yet to address phasing out fossil fuels in any of its pre-conference schemes, signalling that the country''s high renewable energy potential may not be fulfilled beyond what it has called a "peace COP".
As the birthplace of industrial oil, Azerbaijan is deeply imbedded in fossil fuel production. The nation''s inaugural oilfield was drilled in 1846, and it is home to the world''s first paraffin oil factory and offshore oilfield and platform, the Neft Dashlari in the Caspian Sea.
The International Energy Agency (IEA) has estimated that oil and natural gas can bring in approximately 90% of Azerbaijan''s export revenues, finance 60% of the government budget and supply a colossal 98% of its primary energy.
Fossil fuel resources have allowed the nation to develop its economy and greatly improve its living standards, powered by one of the highest energy self-sufficiency rates across the globe, producing four times its consumption levels.
Murad Sadikhov, country manager at Masdar Azerbaijan, the regional affiliate of the UAE''s green energy provider, emphasises the attractive investment prospects of the nation and its energy industry.
"There is a stable economy, high labour capability and a strong history of foreign direct investment. As a UAE-based company, Masdar is keen to invest in Azerbaijan given our bilateral relations and shared religion," he added.
Indeed, major markets have sustained demand for Azerbaijan''s oil and gas, aided by Russia''s ongoing invasion of Ukraine and the limitations many nations have placed on Russian hydrocarbon imports. According to the World Economic Bank, EU countries account for more than 45% of the nation''s oil and gas exports.
However, while Azerbaijan has reaped the profits of immense oil and gas production for several decades (likely to continue for several more years), the IEA estimates that the country''s oil reserves, which have been declining since 2010, will only last another 25 years, compounding the need for alternative energy sources.
Azerbaijan has identified the global spotlight of COP29 as an opportunity to advance – and publicise – its renewable energy industry, a stance that has resulted in accusations of greenwashing.
Speaking to Power Technology, James Watson, renewable energy partner at global law firm Osborne Clarke, confirms that hosting COP can aid the development of a country''s energy industry. "The convening power of the host nation is significant," he said, and "for previous hosts such as the UK, COP brought corporate, government and intermediaries together to real collaborative effect".
Azerbaijan''s Action Agenda for COP29 includes a pledge to increase global energy storage capacity sixfold to 1.5TW by 2030 and introduces the Declaration on Reducing Methane from Organic Waste.
Nevertheless, the Agenda letter written by Babayev highlights Azerbaijan as "a source of solutions and opportunities" where its "abundant wind and solar potential can play an important role in the renewable energy landscape", and that the nation is "determined to lead by example".
As Azerbaijan seemingly turns its attention to renewables, it looks to retain its position as an energy export hub for eastern and central Europe and achieve 5GW of solar and wind energy by 2030.
In March, the EU signed a memorandum of understanding (MOU) with Azerbaijan on offshore and onshore wind energy cooperation between the Azeri Renewable Energy Agency and European industry association WindEurope.
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