Baku Initiative

The Baku Initiative is an international initiative of the European Union. It is a policy dialogue on energy and transport cooperation between the European Union and the littoral states of the Black Sea, Caspian Sea and their neighbours, undertaken as part of the INOGATE energy and TRACECA transport programmes.

The Baku Initiative is originating from the European Neighbourhood Policy launched in 2004. On 13 November 2004, the First Ministerial Conference on Energy Cooperation between the EU and the littoral states of the Black Sea, Caspian Sea and their neighbours was held in Baku. Conclusions of this conference became known as the Baku Initiative. At the same time, a Transport Ministeral conference was held, resulting in a formal announcement on 14 November, supporting the framework of the EU TRACECA programme. A second Ministerial Conference following up the Energy Initiative was held in Astana, Kazakhstan on 30 November 2006. A second Transport Ministerial Conference was held in Sofia, Bulgaria on 2–3 May 2006.

The Initiative aims to enhance integration of the energy markets of participating countries with the EU energy market so as to create transparent energy markets, capable of attracting investment as well as enhancing security of energy supply. Some authors describe this aim as European funding and investment for infrastructure development in return for a guarantee of supplies to European markets.

The objectives of the initiative are harmonisation of legal and technical standards so as to create a functioning integrated energy market in accordance with EU and international legal and regulatory frameworks; increasing the safety and security of energy supplies by extending and modernising existing infrastructure; substituting old and inefficient power generation infrastructures with environmentally friendly power generation infrastructures; developing new infrastructures and implementing a modern monitoring system of their operation; improvement of energy supply and demand management through the integration of efficient and sustainable energy systems; and promoting the financing of commercially and environmentally viable energy projects of common interest. A road map to achieve these objectives was adopted at the Astana Ministerial Conference. The road map lists following priorities:

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