Vice President of SOCAR spoke about the prospects of Azerbaijan's low-carbon energy

In the medium term, Azerbaijan expects to complement its energy portfolio with low-carbon molecules - "green hydrogen" and "green ammonia."

As Report informs, this was announced by Vice President of the State Oil Company of Azerbaijan (SOCAR) Afghan Isayev, speaking at the forum on Azerbaijan's investment prospects organized within the framework of the annual meetings of the Islamic Development Bank (IsDB) Group in Baku.

"So far, we have not been able to achieve positive results in the feasibility studies of pilot projects that were conceived [as some of the colleagues present here are aware], since a significant economy of scale is needed to ensure their economic viability. However, we continue working in this direction," the SOCAR Vice President emphasized.

A. Isayev also recalled that in accordance with Azerbaijan's strategy, the share of renewable energy sources in the country's energy mix should reach 30% by 2030.

"Based on all the progress we are recording at the current moment and all the up-to-date data on the status of project implementation, it appears that we will actually exceed this target. We are already talking about a range from 34% to possibly 38%. Azerbaijan does not intend to abandon its role as a reliable exporter of oil and gas. We are merely building new elements on top of the existing foundation. For us, this is not an ideological transformation. This is an economic opportunity that must be seized. How exactly? The point is that the more renewable energy capacities and facilities we commission and build, the more natural gas can be freed up and the more of it can be directed to both regional and European markets. In addition, we count on additional financial support from your side," A. Isayev stated.