Azerbaijan to establish Energy Efficiency Fund

Energy Efficiency Fund will be created in Azerbaijan in order to stimulate and promote measures for the rational use of electricity and energy efficiency, the law ‘On rational use of energy resources and energy efficiency’, approved by President Ilham Aliyev, Trend reports on August 20.

According to the law, the fund will be financed through deductions from the sale of energy resources; loans, grants, voluntary donations from legal entities and individuals; receipts from international organizations and other donors; income from the management of the fund and other sources not prohibited by the legislation of Azerbaijan.

The assets of the fund will be used to support the implementation of energy efficiency measures and state programs, financing of relevant scientific and technical activities, the use of smart metering devices and systems, cogeneration and the application of highly efficient cogeneration facilities, as well as the use of renewable energy sources.