MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

The 11^th Ministerial of the Green Energy Corridor was held in Tbilisi with the participation of representatives from Georgia, Azerbaijan, Romania and Hungary. Minister of Economy and Sustainable Development, Mariam Kvrivishvili opened the Ministerial.

“We are creating one of the most ambitious, future-oriented frameworks for energy cooperation both in our region and beyond, and this is a symbol of how strategic partnership and sectoral integration can promote political and economic cooperation” – the Minister stated.

As Mariam Kvrivishvili noted, the goal of the Georgian government is to ensure the country’s energy independence and energy security. According to the Minister, the ministerial is an important platform for the shared vision of the four partner countries – creating a connected, sustainable and energy-secure future.

The Minister of Economy and Sustainable Development evaluated the project as not limited to infrastructure construction only, since it is the foundation of energy independence and long-term sustainability, which will create a new, clean energy transmission route between the South Caucasus and Europe. This will be mutually reinforcing for energy security by diversifying supply sources and will also strengthen the region’s strategic importance for wider Europe.

At the 11th Ministerial, the parties discussed issues of future coordination of the submarine cable and Green Corridor projects, as well as the activity report of the joint venture created within the framework of the agreement. As was noted, Georgia is a reliable and proactive partner in the implementation of the Green Energy Corridor agreement and firmly supports the vision of this corridor, which makes a significant contribution to achieving the common goals of the European Green Deal and reducing greenhouse gas emissions.

“Georgia has a unique opportunity to promote energy projects of regional importance that strengthen interconnection and sustainability. The Black Sea Submarine Cable Project, which became the foundation of the Green Energy Corridor cooperation, is actively continuing with the support of the World Bank. After the completion of the full-scale technical-economic feasibility study, preparations are currently underway for detailed seabed studies – this is a turning point that will pave the way for the next phase of development” – Mariam Kvrivishvili noted.

The Minister of Economy also spoke about the ongoing reforms, challenges and future prospects in Georgia’s energy sector. In her assessment, the ongoing reforms in the sector ensure the transparency, competitiveness, and attractiveness of the Georgian energy market for investors, which is also important for greater integration with the European energy market. Mariam Kvrivishvili stated that the government’s goal is for Georgia to become a regional center for renewable energy, with generation capacities from renewable sources, including wind and solar energy projects, alongside the already well-established hydropower market.

Alongside Mariam Kvrivishvili, the Minister of Energy of the Republic of Azerbaijan, Parviz Shahbazov, the State Secretary of the Ministry of Foreign Affairs and Trade of Hungary, Boglárka Illés, and the State Secretary of the Ministry of Energy of Romania, Cristian Bușoi also participated in the 11th Ministerial. The Ambassadors of Azerbaijan, Romania, and Hungary, as well as the representatives of the Georgian State Electrosystem, the Transmission System Operators of Romania, Azerbaijan, and Hungary, the World Bank, and the Asian Development Bank also attended the event.