Azerbaijan
An oil and gas economy setting its first renewable and offshore wind targets.
The economy of Azerbaijan, the host of the COP29 climate summit, has relied heavily on revenue from oil and gas exports for several decades, with Caspian Sea exploration a key activity since the 1990s. Fossil fuels generate nearly half of the country's GDP and over 90% of reported export earnings.
Nevertheless, Azerbaijan has set a target of 6 GW of combined installed capacity for solar, wind and hydropower by 2030. This will boost the share of renewable energy in the country's power generation mix up to 30%. ACWA Power's 240 MW wind project, developed under the Build Own Operate (BOO) model, came online in 2025, adding 221 MW of onshore capacity and bringing Azerbaijan's installed wind total to 241 MW. Masdar is working on a 1 GW portfolio, including one onshore wind and two solar projects. In November 2024, at COP29, Masdar, SOCAR and ACWA Power signed an agreement to jointly develop Azerbaijan's first offshore wind project, with a total capacity of 3.5 GW.
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