BAKU, Azerbaijan, November 15. SOCAR Green is designed to accelerate our low-carbon initiatives, the President of SOCAR Rovshan Najaf said at the event "SOCAR’s Decarbonization Progress: Challenges and Achievements" held as part of COP29, Trend reports.
“Today I would like to reaffirm SOCAR's commitment to a greener future and the ongoing journey towards zero emissions with special efforts to make a meaningful contribution to the global climate goals,” Najaf said.
He emphasized that last year at COP28, international energy company SOCAR unveiled its strategic vision to achieve zero emissions by 2050.
“In addition, we co-founded OGDC (Oil & Gas Development Company) with our partners, reinforcing our commitment to our ambitious decarbonization goals. A year has passed, and I want to report that we are deeply committed to this vision and are making significant progress towards our goals. An important step in our path has been the creation of SOCAR Green to accelerate our low-carbon initiatives. SOCAR Green already specializes in developing renewable energy projects, researching and implementing carbon use and storage technologies, and improving energy efficiency. As such, SOCAR Green will lead transformational efforts to diversify our energy portfolio and support Azerbaijan's clean energy ambitions. Cooperation has always been the basis of progress, and this is especially relevant in addressing the global challenge of decarbonization,” Najaf said.
To note, the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), which will run until November 22, opened at the Baku Olympic Stadium on November 11. It is the largest event organized by Azerbaijan to date, and the first time in the region that it is being held in Azerbaijan.
Within COP29, the highest level event - the summit of world leaders on climate action – was held on November 12–13.
The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantitative Goal (NCQG) on climate finance. The COP29 chairmanship has launched 14 initiatives that include linkages between climate action and the Sustainable Development Goals, including green energy corridors, green energy storage, harmony for climate resilience, clean hydrogen, methane reduction in organic waste, action on green digital technologies, and other topics.
In addition to being a top priority that creates the conditions for action, creating climate finance will also help fulfill the 1.5°C pledge by bringing everyone together.
The UN Framework Convention on Climate Change is an agreement signed at the Rio Earth Summit in June 1992 to prevent dangerous human interference in the climate system. The acronym COP (Conference of Parties) stands for “Conference of Parties” and is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change.
A total of 198 countries are parties to the Convention. Unless otherwise decided by the parties, COP is held annually. The first COP event was held in March 1995 in Berlin, and its secretariat is located in Bonn.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel