BAKU, Azerbaijan, November 20. Azerbaijan’s
Ministry of Energy signed a Memorandum of Understanding (MoU) on
energy storage with China Southern Power Grid International (Hong
Kong) Co., Ltd. and Powerchina Huadong Engineering Corporation
Limited at COP29 in Azerbaijan’s Baku, Trend reports via the ministry’s statement.
The MoU delineates collaboration in domains including pumped
hydro storage systems (PHS), battery energy storage systems (BESS),
high-voltage direct current (HVDC) transmission systems, and
further technologies for alternative energy transmission,
distribution, and grid modernization. A steering committee and a
working group will be formed to improve coordination and supervise
the processes for effective implementation.
Before the signing ceremony, the Energy Minister Parviz
Shahbazov met with delegations from the companies, led by Vice
Presidents Fan Yalang, Liu Shaoquan, and Zhu Bo.
The meeting discussed the strategic partnership between
Azerbaijan and China as well as prospects for cooperation in
renewable energy and energy storage technologies under the
memorandum.
Azerbaijan’s efforts to expand green energy production and
promote the development of energy corridors regionally and globally
were highlighted.
Additionally, the participation of Chinese companies in this
process was viewed positively in terms of integrating modern
technologies and innovative solutions.
To note, the 29th session of the Conference of the Parties to
the UN Framework Convention on Climate Change (COP29), which will
run until November 22, opened at the Baku Olympic Stadium on
November 11. It is the largest event organized by Azerbaijan to
date, and the first time in the region that it is being held in
Azerbaijan.
The main expectation from COP29 is to agree on a fair and
ambitious New Collective Quantitative Goal (NCQG) on climate
finance. The COP29 chairmanship has launched 14 initiatives that
include linkages between climate action and the Sustainable
Development Goals, including green energy corridors, green energy
storage, harmony for climate resilience, clean hydrogen, methane
reduction in organic waste, action on green digital technologies,
and other topics.
In addition to being a top priority that creates the conditions
for action, creating climate finance will also help fulfill the
1.5°C pledge by bringing everyone together.
The UN Framework Convention on Climate Change is an agreement
signed at the Rio Earth Summit in June 1992 to prevent dangerous
human interference in the climate system. The acronym COP
(Conference of Parties) stands for “Conference of Parties” and is
the highest legislative body overseeing the implementation of the
Framework Convention on Climate Change.
A total of 198 countries are parties to the Convention. Unless
otherwise decided by the parties, COP is held annually. The first
COP event was held in March 1995 in Berlin, and its secretariat is
located in Bonn.
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