Fortescue Future Industries (FFI) and the Ministry of Energy of the Republic of Azerbaijan have agreed to collaborate in order to research and develop viable green hydrogen and renewable energy projects in Azerbaijan. The Agreement will look into up to 12 GW of prospective projects from renewable energy sources and green hydrogen generation in Azerbaijan in an effort to further strengthen the close relationship between Azerbaijan and Fortescue. By signing this framework agreement, Azerbaijan has taken a step towards achieving its ambitious 2050 target of reducing its greenhouse gas emissions by 40 per cent below their 1990 levels.
FFI is a global green energy company committed to producing green hydrogen, containing zero carbon, from 100 per cent renewable sources. It is leading the green industrial revolution, developing technology solutions for hard-to-decarbonise industries, while building a global portfolio of renewable energy, green hydrogen and green ammonia projects.
In October 2022, FFI and Tree Energy Solutions (TES) announced their plans to collaborate to build a green hydrogen integrated project to help Europe address its present energy and climate crises. Fortescue would provide $29.7 million in equity to TES to become a strategic shareholder there. Additionally, it would contribute $99.16 million to acquire a substantial part in the development of the TES import facility in Wilhelmshaven, Germany.
REGlobal’s Views: Azerbaijan is taking extensive efforts to green its energy mix and reduce its dependence on fossil fuels. These large renewable energy and green hydrogen projects will help the country to significantly reduce its carbon emissions.