COP 29 Host Azerbaijan Plans To Expand NG By 1/3; 97% Of Socar's Capex Is On Oil & NG
Azerbaijan, the host of the Cop29 global climate summit, will see a large expansion of fossil gas production in the next decade, a new report has revealed. The authors said that the crucial negotiations should not be overseen by “those with a vested interest in keeping the world hooked on fossil fuels”. Azerbaijan’s state-owned oil and gas company, Socar, and its partners are set to raise the country’s annual gas production from 37bn cubic metres (bcm) today to 49bcm by 2033. Socar also recently agreed to increase gas exports to the European Union by 17% by 2026.
The Cop29 summit, starting on 11 November, comes as scientists say that continued record carbon dioxide emissions means “the future of humanity hangs in the balance”. The International Energy Agency said in 2021 that no new fossil fuel exploitation should take place if CO2 emissions were to fall to zero by 2050.
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But in 2023 Socar pushed 97% of its capital expenditure into oil and gas projects, the report found. The company launched a “green energy division” a few weeks after Azerbaijan was appointed as Cop29 host, promising investments in wind, solar and carbon capture technologies. But according to the report, Socar’s renewable operations remain insignificant.
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Freedom House ranks Azerbaijan among the least free countries in the world in relation to political rights, independent media and civil liberties, below Russia and Belarus. Transparency International rated Azerbaijan as the second-worst nation for public sector corruption in eastern Europe and central Asia in 2022. Socar has also been accused of human rights violations by the Azerbaijan-based Organization for the Protection of Oil Workers’ Rights, which has cited health and safety violations and environmental pollution. Manana Kochladze at CEE Bankwatch said: “Where other governments partner with civil society to tackle the climate crisis, the Aliyev regime systematically threatens environmental and human rights defenders. This does not inspire confidence in the upcoming negotiations in Baku.”
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https://www.theguardian.com/environment/2024/oct/23/cop29-host-azerbaijan-set-for-major-fossil-gas-expansion-report-says