Azerbaijan's SOCAR Vice-President talks company's green portfolio, emissions control

Green Economy Materials 17 May 2024 19:52 (UTC +04:00)
Lada Yevgrashina
Lada Yevgrashina
Read more

BAKU, Azerbaijan, May 17. The State Oil Company of Azerbaijan Republic (SOCAR) has outlined its plan to transition from being solely an oil and gas company to becoming an energy company by 2035, which includes active participation in renewable energy projects and the process of decarbonization, aiming to establish a portfolio of low-carbon initiatives, SOCAR Vice President Afgan Isayev said at the Enhancing Ambition, Enabling Action: COP29 Sustainable Business Forum, Trend reports.

He mentioned that in 2023, SOCAR's Supervisory Board adopted a decarbonization plan for the company. By the end of 2023, during COP28, the state company committed to several international agreements, including ceasing gas flaring by 2030, achieving Net Zero methane emissions by 2050 (with interim results in 2030), and continuously reducing carbon dioxide emissions.

"We are fulfilling all our commitments in collaboration with our international partners," noted Isayev.

He highlighted planned renewable energy projects in partnership with Abu Dhabi Future Energy Company (Masdar), ACWA Power, and bp.

The vice president also mentioned that hydrogen projects will be integrated into SOCAR's portfolio.

"SOCAR is closely collaborating with international financial institutions. For instance, the company may require financial support for its soil and water purification projects," he stated.

The soil and water purification project is expected to commence in October 2024 and continue until the end of 2025.

"SOCAR oversees 1,300 Soviet-era hectares of polluted property. Diagnostics will indicate additive-based soil cleansing by September 2024. In October 2024, specific additives and purification technologies may begin soil and water purification. This project may need government and international funding," explained the SOCAR official.

The company plans to modernize its environmental management system by leveraging new technologies and artificial intelligence.

"The integration of artificial intelligence is scheduled to commence in 2025," Isayev added.

This November, Azerbaijan will host COP29. This decision was made at the COP28 plenary meeting held in Dubai on December 11 last year. Baku will become the center of the world and will receive about 70–80,000 foreign guests.

The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous human interference with the climate system. COP - the Conference of the Parties - is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change. There are 198 countries that are parties to the Convention. Unless the parties agree otherwise, the COP is held annually. The first COP event took place in March 1995 in Berlin, and its secretariat is located in Bonn.

Stay up-to-date with more news at Trend News Agency's WhatsApp channel