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Shahbazov: Every energy resource has right to participate in energy transition

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By 2030, the share of renewable energy sources in electricity generation capacity will reach 30%, Azerbaijani Energy Minister Parviz Shahbazov said at a press conference with the participation of Saudi Energy Minister Prince Abdul Aziz bin Salman Al Saud, Report informs.

"At the same time, we have an obligation to turn Karabakh and East Zangazur into a "green energy" zone. After renewing our commitments at COP26, we want to increase our country's carbon emissions to 40% by 2050 and achieve zero emissions in the liberated areas. But I must say that the transition to energy does not necessarily mean a complete shift from one energy source to another. The energy transition should generally be a managed process, and our approach is that every energy resource has the right to participate in the energy transition, but for how long? The process itself will show this," Shahbazov said.

The World Economic Forum (WEF) has been announcing the Fostering Effective Energy Transition Index for ten years now. In the latest index released in 2021, Azerbaijan ranks 44th out of 115 countries, behind only Georgia among post-Soviet countries.

Renewable energy potential is the backbone of the energy transition in Azerbaijan and is very high. Thus, according to the Ministry of Energy, the renewable energy potential is estimated at 26,940 MW, of which 23,040 MW is solar and 3,000 MW – wind.

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Key indicators of world commodity, stock, and currency markets (28.01.2022)

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Current price

Compared to the previous day's close

Compared to the beginning of the year

Commodity

Brent (dollar/barrel)

89.70

0.46

10.65

WTI (dollar/barrel)

87.07

0.44

10.57

Gold (dollar/ounce)

1,799.00

– 18.00

0.80

Indices

Dow-Jones

34,160.78

– 7.31

– 2,327.85

S&P 500

4,326.51

– 23.42

– 466.55

Nasdaq

13,352.79

– 189.33

– 2,413.42

Nikkei

26,698.82

476.72

– 2,160.35

Dax

15,524.27

64.88

– 327.98

FTSE 100

7,554.31

84.53

133.62

CAC 40 INDEX

7,023.80

41.84

– 137.72

ShanghaiComposite

3,396.07

– 29.21

– 222.73

BIST 100

1,997.69

46.52

102.23

RTS

1,399.64

75.24

– 190.10

Currency

USD/EUR

1.1151

– 0.0100

– 0.0200

GBP/USD

1.3402

0.0000

– 0.0100

USD/JPY

115.4200

0.7800

0.2800

USD/RUB

77.7170

– 1.9000

3.4900

USD/TRY

13.6253

0.0200

0.2900

USD/CNY

6.3563

0.0100

– 0.0100

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Canadian PM isolates after COVID-19 exposure

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Canadian Prime Minister Justin Trudeau has said in a tweet on Thuesday that he is isolating after being notified of a COVID-19 exposure.

"Last night, I learned that I have been exposed to COVID-19. My rapid test result was negative. I am following Ottawa Health rules and isolating for five days," he said.

Trudeau noted that he feels fine and will be working from home, once again calling on Canadians to get vaccinated.

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Turkey’s National Security Council discusses resumption of ties with Armenia

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Turkish President Recep Tayyip Erdogan has presided over the session of the country's National Security Council.

Report informs that the event focused on steps to be taken in relations with Armenia in the future.

They stressed the mechanisms created by Turkey and Armenia through constructive and sincere efforts to strengthen peace and stability in the South Caucasus and the importance attached to their improvement.

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