On September 2, Priyantha Wijayatunga, Asian Development Bank (ADB) Senior Director for the Energy Sector Office, reported that ADB has invested $1.7 billion in Azerbaijan's energy sector over 25 years of cooperation. 

During discussions with Azerbaijani officials, Wijayatunga outlined the country’s strategic priorities for the energy transition, including the development of green corridors, renewable energy infrastructure, and decarbonization efforts.

Wijayatunga highlighted the successful completion of several joint projects, such as Masdar's construction of a solar power plant and a pilot project for a floating solar power plant on Lake Boyukshor. He emphasized ADB's support for Azerbaijan’s goal to increase the share of renewable energy to 30% by 2030 and mentioned the bank’s active preparations for COP29, which is scheduled to take place in Baku. 

Additionally, the ADB has expressed its readiness to offer experience, financial resources, and support in implementing climate projects in Azerbaijan and increasing the share of renewable energy in the country's overall production.

Moreover, ADB President Masatsugu Asakawa has recently confirmed his participation in the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), which will be held in November in Azerbaijan. Asakawa is expected to attend the Summit of World Leaders on Climate Action on November 12-13, a key event of COP29. The ADB is aiding Azerbaijan in organizing COP29 by providing capacity-building assistance to the government agencies involved in the event's preparation.

Notably, in June this year, marking the 25th anniversary of the partnership between Azerbaijan and ADB, Asakawa visited Baku. Since Azerbaijan joined ADB in 1999, the bank has committed more than $5 billion to projects in various sectors, including transport, energy, health, and agriculture. Established in 1966, the ADB is owned by 68 members, 49 of which are from the Asia and Pacific region.