Azerbaijan has the potential to install 7 GW of offshore wind power by 2040, with the right long-term vision, infrastructure development, investment, and policies, according to a new roadmap released by the country’s Ministry of Energy, the World Bank and the International Finance Corporation (IFC).
The first-of-its-kind offshore wind roadmap for Azerbaijan provides a strategic vision under two scenarios – a low growth and high growth scenario – to support decision-making about regulations, frameworks, and infrastructure related to this new industry at a time when interest in developing offshore wind is increasing globally.
Analysis of the low growth scenario envisions a moderate expansion of offshore wind resulting in 1.5 GW of fixed foundation offshore wind by 2040, making up 7% of the country’s electricity supply under a decarbonization scenario. The high growth scenario outlines a more ambitious expansion with 7.2 GW of offshore wind by 2040, making up 37% of its electricity supply.
“Over the past few decades, Azerbaijan has effectively leveraged our oil and gas resources in the Caspian Sea for the benefit of our country’s economic development. But the world is changing, and it is time to tap into a new resource in our seas – the power of offshore wind,” said Elnur Soltanov, Azerbaijan’s deputy minister of Energy. “Offshore wind offers our country a unique opportunity to transfer our oil & gas expertise and workforce to a new sector that can simultaneously help us achieve our goals of decarbonisation and economic diversification to pave the way to a prosperous future for Azerbaijanis”, he added.