Fortescue Future Industries and Ministry of Energy partner to pursue green hydrogen projects in Azerbaijan

The Ministry of Energy of the Republic of Azerbaijan and Fortescue Future Industries (FFI) have signed a Framework Agreement, to work together to study and develop potential green hydrogen and renewable energy projects in Azerbaijan.

Aimed at further strengthening the close relationship between Azerbaijan and Fortescue, the Agreement will explore up to 12GW of potential projects from renewable energy sources and green hydrogen production in Azerbaijan.

Energy Minister Shahbazov said, “The strategic vision for this agreement is emanating from the ‘Azerbaijan 2030: National Priorities for Socio-economic development’ – adopted by the President of the Republic of Azerbaijan Ilham Aliyev.

“Out of five national priorities, the one called Clean Environment and a Green Growth Country concretely sets forward targets that overlap with today’s agreement. Specific emphasis should be placed on the MoU signed in July this year between Mr Ilham Aliyev, the President of Azerbaijan, and Ms Ursula von der Leyen, the President of the European Commission, which clearly sets the stage for a green energy corridor between Azerbaijan and European Union.

The Minister also added that in recent years, strategically important steps have been taken with international energy companies to create large-scale production capacities for renewable energy and green energy export: “As a result, Azerbaijan, along with transforming into a green energy country, will become an important and reliable partner for the European Union, supplying renewable energy and hydrogen after oil and natural gas. We believe that our cooperation with Fortescue Future Industries will contribute to the energy security and energy transition of partner countries.”

Fortescue Executive Chairman and Founder, Dr Andrew Forrest AO said, “Our discussions to date with the Government of Azerbaijan have been extremely positive and the signing of this Framework Agreement today further demonstrates the strong potential for this partnership.

“Right across the world we are seeing the catastrophic impacts of climate change, and we believe that green hydrogen is a practical and implementable solution that can help revolutionise the way we power our planet, help decarbonise heavy industry and create local jobs.

“Despite being historically an oil and gas country, Azerbaijan is well placed to join FFI on the green industrial revolution due to its strategic location to bring green energy to European countries.

“This Framework Agreement signed today is a significant step in enabling Azerbaijan to meet the Government’s ambitious goals of reducing the country’s greenhouse gas emissions to 40 per cent below their 1990 levels by 2050.”

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