Baku: Without natural gas, an affordable energy transition will not be possible, SOCAR Vice President Afgan Isayev said during his speech at the 30th Anniversary Baku Energy Forum held in Baku, APA-Economics reports. According to him, in 2035, SOCAR will become an energy company with a mixed portfolio (including renewable energy) powered by gas.
According to Azeri-Press News Agency, Afgan Isayev emphasized the necessity of natural gas to ensure a fair, profitable, and clean energy transition. “Without gas, we will not be able to ensure a fair, profitable, and most importantly, clean energy transition. This is simply not possible,” he noted.
He further explained one of SOCAR’s current initiatives in low-carbon business: renewable energy production. “In March last year, we established SOCAR Green LLC. This is our wholly-owned subsidiary. It is responsible for the development of the renewable energy portfolio in SOCAR,” Isayev emphasized.
SOCAR Green is actively participating in the country’s efforts to achieve a target of 30% renewable energy share in the installed electricity capacity in Azerbaijan by 2030, Isayev elaborated.