UAE’s Masdar, Azerbaijan’s SOCAR to develop renewable energy projects

UAE’s Masdar, Azerbaijan’s SOCAR to develop renewable energy projects

Clean energy company Masdar has signed joint agreements with the State Oil Company of the Republic of Azerbaijan (SOCAR), on the sidelines of Abu Dhabi Sustainability Week (ADSW). SOCAR, an integrated national oil and gas company, supports the energy security of Azerbaijan. The agreements will cover the development of onshore wind and solar projects, and integrated offshore wind and green hydrogen projects, with a total combined capacity of 4 gigawatts (GW), Masdar said. Azerbaijan is pursuing a national target of producing 30 per cent of its domestic power needs from renewable energy sources by 2030, as the Central Asian nation looks to diversify its economy and reduce greenhouse gas emissions. Masdar, which is key to the UAE’s Net Zero by 2050 Strategic Initiative, has a goal of achieving 100 GW of renewable energy capacity and green hydrogen production of one million tonnes per annum annually by 2030. Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, COP28 President-Designate, and chairman of Masdar, said, “These agreements will serve to strengthen the already powerful relationship between the UAE and the Republic of Azerbaijan, and are a testament to our shared commitment to diversifying our energy mix and developing low-