Azernews.Az

Nazrin Abdul

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Azerbaijan is making significant progress in forming a sustainable and balanced energy strategy, with the Baku Energy Forum serving as a key platform for global dialogue in this field.

Azernews reports that this was stated by the Secretary General of the International Energy Forum, Jassim Al-Shirawi, during the Baku Energy Forum.

“The Forum is taking place at a crucial time — when we are addressing not only energy issues but also environmental concerns, geopolitical challenges, and the need to renew the global energy agenda,” he said.

Al-Shirawi highlighted the importance of understanding the challenges of the energy transition, as demonstrated at the COP29 conference held in Azerbaijan last year, and emphasized the need to build a sustainable and secure energy system in a rapidly changing environment.

According to him, the IEF annually organizes the Energy Outlook Symposium in collaboration with the International Energy Agency (IEA) and OPEC. This forum discusses future energy development scenarios, the rising global demand for energy, and the necessity of investment in both traditional and renewable energy sources.

“Forecasts indicate that 89 percent of global energy consumption will still rely on traditional sources. However, the share of renewable energy is expected to grow significantly in the coming decades. It is especially important to ensure investment in developing countries — which, despite comprising two-thirds of the global population, receive only 15 percent of global clean energy investments,” he noted.

Al-Shirawi also emphasized the need to balance public and private investments, strengthen transnational cooperation, forge bilateral agreements between producer and consumer nations, and engage financial institutions.