Japanese technologies may be applied for decarbonization in Azerbaijan, the Japan Bank for International Cooperation (JBIC) told Trend, as it has inked a memorandum of understanding with Azerbaijan’s state oil company SOCAR.
"Under the MoU, SOCAR and JBIC agreed to strengthen our cooperation through the exchange of information on the introduction of low-carbonization technologies, including but not limited to CCS (Carbon dioxide Capture and Storage) and CCUS (Carbo dioxide Capture, Utilization and Storage), and on projects related to hydrogen, ammonia etc.," said JBIC.
The Bank said there are no specific project or initiatives outlined in the MoU, but the aim is to promote collaboration between SOCAR and Japanese companies to realize a decarbonized society.
"As Japan's policy-based financial institution, JBIC aims to accelerate the structuring of projects that will contribute toward promoting collaboration between SOCAR and Japanese companies and realizing a decarbonized society. In this regard, technologies as CCS, CCUS, hydrogen and ammonia might be one of areas in which Japanese companies’ expertise and/or technologies can be introduced and contribute to a decarbonization in Azerbaijan," the JBIC said.
Azerbaijan cooperates with the world's leading companies in the field of transition to a green economy and green energy.
The country has a huge potential in the field of solar and wind energy. It is working on the implementation of renewable energy sources, as well as bio-processing and reuse of household waste, both at the local level and in partnership with international companies. There are dozens of companies operating in Azerbaijan today that produce various products from bio-waste and export them abroad.
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