According to Trend, the Black Sea Trade and Development Bank (BSTDB) will promptly use its expertise in green energy projects for Azerbaijan’s benefit. In a statement by BSTDB, renewable energy sources like hydro-electric, solar, and wind power enhance the country’s ability in the energy industry while addressing several environmental concerns.
The bank expressed its anticipation in subsequent renewable energy programs soon. BSTDB has amassed extensive expertise in renewable energy programs in member states such as Bulgaria. Additionally, the bank indicated its ardent desire to provide substantial support for the growth of Azerbaijan. However, the bank will need to evaluate the scope of competition and regulatory structures before financing the project. There will also be an analysis of the expected impact that the project will yield.
There exist numerous advantages that would get incurred from the focus of implementing previously acquired skills in the establishment of contemporary renewable energy facilities. The integration of the experience in the development of Azerbaijan will benefit several sectors.
Additionally, the decentralization of energy provision will reduce the monopoly from the country’s energy provider through the national grid. Also, the versatility of the renewable sources will boost the country’s human resource skills. The various energy sectors will acquire skills from the incorporation of subsequent technologies in developing the green energy sector.
The project’s viability would also attract potential investors to enhance the production of more megawatts in solar and wind power plants. Upscaling of the operations of the country will thus receive less competition from related sectors.
Azerbaijan assigns priority to the usage of green energy sources in energy industry growth. In January 2020, the country entered major contracts with Saudi’s Power Corporation and UAE’s Masdar firm on pilot programs to develop an enormous wind farm and an equally sizeable solar energy plant. Currently, there exist several schemes to provide alternative and sustainable renewable energy sources.
Long-term benefits of integrating BSTDB in providing significant benefits to the country include the involvement of other major financial institutions collaborating with the bank. A nationwide consolidated approach in developing the renewable energy sector in the country will lead to diversification of experience.
In conclusion, the bank’s expertise will benefit various sectors in enhancing renewable energy development and addressing the effect of fossil-fuel emission. The country’s net zero-emission program will thus get achieved earlier than anticipated.