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SOCAR commits to reducing methane emissions to zero by 2035 - official

Economy Materials 2 December 2023 18:54 (UTC +04:00)
SOCAR commits to reducing methane emissions to zero by 2035 - official
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, December 2. The Azerbaijan State Oil Company (SOCAR) has made a voluntary commitment to reduce methane emissions to zero by 2035, Minister of Economy, Chairman of the Supervisory Board of SOCAR, Mikail Jabbarov told reporters on the sidelines of the world summit on climate action, organized within the framework of the 28th session of the Conference of the Parties to the UN Framework Convention on Climate Change - COP28.

"In this area, a number of technical and technological measures will be implemented as a main focus to reduce methane emissions generated during oil and gas production. This reflects both the attention to climate topics in Azerbaijan and one of the biggest goals set within this global conference," he said.

The minister noted that the event featured works and projects related to climate issues in Azerbaijan, initiatives put forward by Azerbaijan, the President’s declaration of territories liberated from occupation as “green energy” zones, Azerbaijan’s active role in the implementation of a number of regional initiatives and the desire to draw attention to issues on the agenda.

He added that at the same time, the country's economy reflects issues such as the sustainability of the green transition, increasing renewable energy sources, on the one hand, and economic efficiency, on the other, as well as creating conditions for private investment in these sectors.

"Azerbaijan has signed agreements and memorandums on the construction of solar and wind power plants with various companies and investors around the world. The latest of these is the one signed in October between SOCAR and the UAE Masdar company for the construction of solar and wind power plants with a total capacity of 1 gigawatt. We believe that Azerbaijan will achieve its goals or targets ahead of schedule, the goal of increasing the share of renewable energy sources in our overall energy balance by 2030,” Jabbarov also noted.

Jabbarov recalled that, at the initiative of Azerbaijan, a joint meeting was held in Baku two weeks ago with the participation of the energy ministers of Azerbaijan, Uzbekistan and Kazakhstan. The main purpose of this meeting was to discuss the possibilities of exporting and exchanging renewable energy sources produced in Azerbaijan and Central Asian countries, such projects as the construction of an energy cable connecting the shores of the Caspian Sea.

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