„Careful planning and consideration are needed to incentivize private sector actors to invest in these areas. These endeavors require thoughtful reflection and planning, and the bank is prepared to support this process“, she concluded.
Azerbaijan possesses a significant number of resources, especially in wind and solar energy, Rolande Pryce, WB Regional Director for the South Caucasus, told Trend.
"One of the country’s notable advantages is its strategic geographic location. The country's current strategies outline how they plan to implement renewable energy initiatives. The World Bank operates by invitation from the government to assist in specific types of changes. Intensive discussions are already underway between the World Bank and the government of Azerbaijan," she said.
According to Pryce, investments in wind and solar projects are aligning with regional initiatives like the Black Sea Energy Submarine Cable project, enabling Azerbaijan to potentially export green energy.
"The government has specific plans for developing offshore wind potential in the Caspian Sea, attracting considerable private investments. There is an opportunity for the WB to collaborate with the government in building the project pipeline," she added.
The regional director pointed out that creating a list of shovel-ready projects and determining how to engage the private sector is crucial.
"Careful planning and consideration are needed to incentivize private sector actors to invest in these areas. These endeavors require thoughtful reflection and planning, and the bank is prepared to support this process," she concluded.