BAKU: Azerbaijan, an oil-producing country and host of the COP29 UN climate change conference, is focusing on green innovation and development, showcasing its efforts at the global gathering in Baku.

“We are collaborating with international companies and research institutions to ensure that COP29 showcases cutting-edge technologies in renewable energy, water management and carbon capture,” said Mukhtar Babayev, COP29 president.

Although Azerbaijan remains reliant on fossil fuels, it is working with international organizations and educational institutions to ensure that COP29 is not only about policies and funding, but also a platform for presenting environmental innovations.

“Our focus is on delivering a conference that fosters practical solutions, showcases Azerbaijan’s leadership in the energy transition, and reinforces our commitment to a sustainable and resilient future,” said Babayev.

According to an article by Elkhan Nuriyev, a global energy associate at the Brussels Energy Club and senior expert on Russia, Eastern Europe, and Central Asia at L&M Political Risk and Strategy Advisory in Vienna, published on the Ceeenergy News website: “The government has advocated for stronger commitments to enhancing financial mechanisms for green projects worldwide. A standout project is the ‘Green Energy Hub,’ a multi-faceted initiative focused on harnessing renewable energy sources. This hub includes large-scale solar farms, wind turbines and hydropower facilities, serving as a key export resource.”

In addition, an agreement was signed four years ago between Azerbaijan’s Ministry of Energy and Masdar, a UAE clean energy company, to establish the country’s first solar energy facility — the 230-megawatt Garadagh Solar Power Plant.

The project covers 550 hectares and features 570,000 bifacial photovoltaic panels, which capture both direct sunlight and the reflection of sunlight from the ground.

Masdar is not the only company involved in renewable energy technologies in Azerbaijan. Earlier this year, ACWA Power, a leader in the energy transition and a pioneer in green hydrogen, partnered with Azerbaijan’s national oil company, SOCAR, to develop projects that will accelerate renewable energy in the country.

According to ACWA Power’s website, the private company is “currently constructing Azerbaijan’s and the region’s largest 240 MW wind power plant in the Absheron-Khizi region at an investment cost of $345 million.”

As governments increasingly prioritize sustainability, the integration of innovative technologies is becoming a key demand for fostering both economic growth and environmental stewardship.

Saudi Arabia is also prioritizing sustainable development through its Vision 2030.

According to the Kingdom’s national source for government services and information, which outlines the Sustainable Development Goals of Saudi Vision 2030, “the Kingdom of Saudi Arabia endeavors to tackle the issues of poverty, inequality, climate change, prosperity, peace, justice, education, health, social protection and the availability of employment opportunities, and, recognizing the intersecting nature of these issues, ensures they are all included in its national strategy.”

In addition, many other technologies have been developed worldwide to combat climate change, including an innovative solution launched 2017 to develop renewable energy: solar-powered trains.

According to an article by Justyna Matuszak on the Know-How website, this type of green transportation can run for an entire day without needing to recharge. The railway also releases 75 percent of the energy it generates into the ground, as reported by the BBC.

Bladeless wind energy is another technology designed in 2012 by the Spanish startup Vortex Bladeless.

It features is an elastic rod that secures the company’s three-meter tall bladeless turbine vertically into the ground. According to the previously mentioned report, the turbine sways with the wind speed, generating energy from the resulting vibrations.

Due to its design, it is suitable for use in cities or residential areas as it does not require as much space as a traditional wind turbine.

Another new sustainable technology is 3D-printed solar energy trees. Developed by researchers at VTT Technical Research Centre of Finland, the technology, as described in the Know-How report by Matuszak, is a prototype tree that collects solar energy, heat and kinetic energy from its surroundings, whether indoors or outdoors, to generate electricity for small appliances.

By embracing modern sustainable innovations and fostering joint partnerships between the public and private sectors, tackling climate change may become more achievable.

RIYADH: As the world is being divided by geopolitical tensions and wars, Saudi Arabia’s development fund is extending a helping hand to emerging nations through soft loans and grants.

Established in 1974, the Saudi Fund for Development has supported more than 800 projects worth $20 billion in over 100 countries.

As it celebrates 50 years since it was founded, the fund’s offerings for developing nations show no signs of slowing down.

Here are the highlights of its activities in the first nine months of 2024.

Water project to Benin

In February, SFD signed a memorandum of understanding with Benin to allocate a $5 million grant to support the implementation of the fifth phase of the Saudi Program for Drilling of Wells and Rural Development.

According to a press statement, the water project is expected to overcome the effects of drought in 37 villages across the West African nation.

“The project will contribute to the growth and prosperity of the infrastructure sector, provide access to water and food security, maintain public health, and reduce environmental pollution, to help achieve the Sustainable Development Goals, specifically SDG 6, clean water and sanitation,” said SFD.

The fund’s development cooperation with Benin started in 2008, with it providing soft loans to finance six development projects and programs worth more than $145 million in the country over the past sixteen years.

Supporting Turkiye’s education sector

In February, SFD signed a $55 million loan agreement with Turkiye to rehabilitate five public schools covering an area of approximately 55,000 sq. meters.

The project will equip these schools with the necessary equipment and resources to protect them against earthquake damage, ensuring the continuity of their quality and efficiency, according to a statement.

Over the past four decades, SFD has financed nine development projects and programs in Turkiye, worth over $300 million, in multiple sectors including energy, health, agriculture, and education.

Empowering transport sector in Tunisia

Earlier this year, the fund signed a development loan agreement worth $55 million to renew and develop the railway network for phosphate transportation in Tunisia.

According to a press statement, the project will help renew approximately 190 km of the system, support increasing the capacity for transporting phosphate, and contribute toward Tunisia’s economic growth by creating direct and indirect job opportunities.

Loan to support clean energy growth in Pakistan

In March, SFD signed two development loan agreements totaling to $101 million to finance the establishment of the Shounter Hydropower and the the Jagran-IV Hydropower Projects in Pakistan.

A loan worth $66 million is intended to construct the 48-megawatt Shounter Hydropower station and connect it to the country’s national electricity grid.

This project also involves dam construction, water diversion and purification structures, powerhouse development and discharge tunnel construction.

The second loan, amounting to $35 million, will help establish the Jagran-IV Hydropower Project, which is set to have a capacity of 22 MW. This project entails the construction of dam, powerhouse, water diversion and purification building, as well as the provision of generators, transformers, necessary equipment, and transmission lines.

“These two agreements mark a continuation of efforts to boost clean energy projects in Pakistan, addressing challenges posed by conventional energy and its associated financial costs,” said SFD.

It added: “Additionally, they underscore the significance of clean energy and its contribution to fostering vital opportunities for sustainable development, aiming to support social development, stimulate economic growth, and meet population basic needs.”

In 2023, SFD financed oil derivatives worth $1 billion for Pakistan, when the South Asian nation was facing a tough economic situation amid dwindling forex reserves and rapidly depreciating national currency.

Supporting energy sector in Saint Kitts and Nevis

In April, SFD signed another development loan agreement worth $40 million to bolster the energy sector in Saint Kitts and Nevis.

According to a press statement, the loan centers on the financing of the expansion of the Needsmust Power Plant Project in the island nation. The project entails the establishment of a state-of-the-art dual-fuel power generation station with a capacity of 18 MW.

“This initiative is poised to significantly enhance the country’s energy production capabilities, contributing to a flexible hybrid power generation platform. It emphasizes efficiency improvements, utilization of clean fuel, and a pivotal step toward sustainable energy practices,” said SFD.

Aid to disaster-affected communities in Saint Vincent and the Grenadines

To support the disaster-affected communities in Saint Vincent and the Grenadines, the SFD in April signed a $50 million developmental loan agreement with the Caribbean nation.

According to a press statement, the agreement aims to finance the construction and rehabilitation of buildings and facilities affected by natural disasters in the country.

“The goal is to enhance the sustainability and resilience of these structures to withstand future disasters and climate change effects. The project encompasses furnishing and equipping buildings with necessary equipment, including the establishment of four health care facilities, construction of primary and secondary schools, government buildings, and rehabilitation of damaged houses by volcano, among other infrastructure works,” said SFD.

SFD enters El Salvador and Nicaragua

In June, SFD forayed into El Salvador and Nicaragua by signing developmental loan agreements with these nations.

The fund signed a $83 million deal with El Salvador to fund a water treatment and biogas power generation project in the Central American country.

“The project will treat wastewater that currently flows into the Acelhuate River, while also producing biogas for renewable electricity generation. Expected to benefit over 1.2 million people, it will significantly increase El Salvador’s renewable energy capacity, and contribute to environmental sustainability,” said SFD.

#Infographic | A first developmental step; for effective sustainable development #SFD Signed the first development loan agreement worth $103 million; to support the health sector in the Republic of #Nicaragua.#ProsperTogether pic.twitter.com/UqisoTrZPp

— الصندوق السعودي للتنمية (@SaudiFund_Dev) June 7, 2024

In the same month, the fund signed another developmental loan agreement worth $103 million with Nicaragua to finance the development of the Carlos Centeno Departmental Hospital in the Central American nation.

According to a press statement, the fund will be used to construct a 25,000-sq.-meter hospital with a capacity of 300 beds, serving the surrounding regions.

The facility will also include specialized clinics for surgery, comprehensive child immunization, training and qualification of medical personnel, emergency departments, and a full range of integrated health care services.

Supporting socio-economic growth in Dominica

In September, SFD signed a developmental loan agreement worth $41 million with Dominica to enhance socio-economic growth in the country.

The agreement aims to rehabilitate seven main streets in Roseau, which will help improve road connectivity, reduce congestion, enhance safety and access to basic services, as well as facilitate the smoother movement of people and goods, according to a press statement.

#Video | The signing ceremony for the first development loan agreement worth $41 million, provided by #SFD to finance the Infrastructure Rehabilitation project in the capital, Roseau, of the Commonwealth of #Dominica.#ProsperTogether#SFD50 pic.twitter.com/rxLkdQWMJ6

— الصندوق السعودي للتنمية (@SaudiFund_Dev) September 15, 2024

The loan will also contribute to commercial and residential development and create numerous job opportunities.

In the same month, SFD also signed a deal worth $25 million to co-finance the development of renewable energy infrastructure in the Solomon Islands.

The financing initiative aims to reduce dependency on fossil fuels and promote sustainable development in the Oceanian nation.