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More climate pledges + groundbreaking ceremony at Baku Energy Week: COP28 President Sultan Al Jaber’s attendance at the Baku Energy Week, which kicked off on Tuesday and wraps tomorrow, saw him lay foundation stones for solar plants in Azerbaijan and announce additional climate pledges through UAE climate fund Alterra.
#1- Alterra pledges additional USD 200 bn for climate investments: The UAE’s climate fund, Alterra, said it will direct an extra USD 200 bn to investments over the next six years, Wam quotes COP28 President Sultan Al Jaber as saying. The venture previously aimed to mobilize USD 250 bn in green investments by 2030.
Alterra was launched last year to increase climate funding for the Global South: The UAE launched the USD 30 bn “catalytic climate vehicle” in December 2023 to improve access to climate funding for the Global South. Alterra’s initial commitment — along with BlackRock, Brookfield, and TPG — was USD 6.5 bn to climate-dedicated funds.
Work has been ongoing to mobilize investments: Global Climate Finance Centre (GCFC) and Alterra joined forces in April to increase climate investments in emerging and developing economies. The investments will focus on furthering low carbon, sustainable, and climate resilient projects.
#2- Masdar breaks ground on Azerbaijan projects: Renewables giant Masdar has inked power purchase, transmission connection, land lease, and investment agreements with the government of Azerbaijan to advance developing 1 GW of solar and wind projects in the country, according to a statement. Masdar and Azerbaijan’s state-owned Socar officially launched the projects during a groundbreaking ceremony yesterday.
About the projects: The projects will comprise a 445 MW Bilasuvar Solar PV Project and a 315 MW Neftchala Solar PV Project, set to become operational by the end of 2026 or early 2027, Masdar’s head of development and investment for the CIS region Maryam Al Mazrouei told Reuters. They also include the 240 MW Absheron-Garadagh onshore wind farm, set to start operations by the end of 2027.
This has been in the works: Masdar and Azerbaijan inked agreements for 1 GW of solar and onshore wind projects in the country last October. This forms part of a broader agreement to install 10 GW of clean energy projects — including onshore and offshore wind farms, solar farms and green hydrogen — in the Central Asian country.
Masdar has other projects in Azerbaijan: Masdar launched the operations of its Garadagh Solar Park in Azerbaijan — the largest in the region and the first independent solar project to receive foreign investment. Masdar and Saudi’s Acwa Power also signed an MoU with Socar for 500 MW of renewable energy projects in the country, and agreed to develop renewables projects with a combined capacity of 4 GW with Socar.
The UAE is deepening ties with Azerbaijan: Earlier this week, Adnoc awarded Socar a minority stake in its Sarb and Umm Lulu concession. The UAE and Azerbaijan also signed multiple agreements for cooperation in sustainable development across the renewable energy and environmental sectors ahead of COP29 last January. In December, Abu Dhabi’s sovereign wealth fund ADQ established a USD 1 bn joint investment fund with Azerbaijan Investment Holding, targeting agriculture, technology, pharma, and energy infrastructure.
ALSO- Al Jaber calls for faster AI integration: Al Jaber called for a global effort to harness the potential of AI, energy transition, and the growing economies of the Global South to expedite sustainable development, Wam reports. He urged the energy and tech industries to collaborate on using AI to meet rising global energy needs sustainably, reducing carbon emissions.
