EKI Energy Registers Azerbaijan’s Inaugural Voluntary Carbon Market Ahead of COP29
EKI Energy Services Limited (EKI) has registered Azerbaijan’s first voluntary carbon market project using solar energy, marking a major step in the region’s shift toward sustainable energy sources ahead of COP29. The 230 MW solar project is also the nation’s first-ever large-scale solar project.
November 08, 2024. By Mrinmoy Dey
The solar project, located across Baku and Absheron districts, has an installed capacity of 230 MW (AC). By exporting clean energy to Azerbaijan’s national grid without the use of fossil fuels, this initiative promises to reduce approximately 274,074 tons of carbon emissions annually. Registered under the Gold Standard for the Global Goals framework, the project also supports Sustainable Development Goals related to clean energy, economic growth, and climate action.
Apart from being the first-ever registered renewable energy project of Azerbaijan under Voluntary Carbon Markets, it is also the first-ever large-scale solar project overall in the country.
Commenting on the development, Manish Dabkara, Chairman and Managing Director, EKI Energy Services said, “The registration of Project Area 60 paves the way for further climate action and international cooperation, adding momentum to global climate objectives as COP29 begins. By establishing a renewable energy model that directly contributes to reducing greenhouse gas emissions, this initiative underscores the practical steps nations can take to align with the Paris Agreement’s goals.”
He further added that as COP29 commences on November 11, this project approval adds momentum to global climate objectives, reinforcing the importance of cross-border collaboration and innovative financing to support countries in their low-carbon transitions.
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