The European Bank for Reconstruction and Development (EBRD) can support Azerbaijan with its green hydrogen initiatives through technical assistance focused on project preparation as well as through the Bank’s financial products that would be tailored to each project.
"EBRD has already supported Azerbaijan with the preliminary assessment of potential for a low-carbon hydrogen economy in country. The preliminary market study report prepared by the international consultant was published in August 2023. It showed that Azerbaijan is more than capable to produce renewable hydrogen to support local decarbonization but also can provide cost-competitive renewable fuels to high-demand regions like the European Union," the EBRD said.
Regarding the possibility of cooperation with other international organizations in Azerbaijan on green hydrogen projects, the bank said it will be glad to collaborate.
"Partnerships are at the heart of how the EBRD works. Cooperation with others allows the EBRD to draw on the complementary skills and expertise of other international financial institutions (IFIs) and to mobilize financing, especially when commercial co-financing is unavailable," said the EBRD.
The study prepared by Advisian consulting company with support of the European Bank for Reconstruction and Development (EBRD) reveals that Azerbaijan, with its established refining, ammonia, and methanol markets, along with extensive natural gas distribution systems that could be converted to hydrogen, is poised for significant progress in the realm of low carbon hydrogen demand. Leveraging its existing expertise in ammonia and methanol, the country has the opportunity to decarbonize these industries and explore the production of both blue and green hydrogen.
With abundant renewable resources in close proximity to the Caspian Sea and eastern Azerbaijan, as well as direct access to natural gas reserves in the Shah Deniz field, Azerbaijan is strategically positioned to develop and implement green and blue hydrogen technologies. Blue hydrogen efforts will necessitate investigating CO2 storage opportunities in depleted gas fields and addressing upstream emissions. The well-established natural gas infrastructure, such as the Southern Gas Corridor (SGC), could potentially facilitate hydrogen blending into the gas network for export purposes, further enhancing the country's hydrogen capabilities.
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