Azerbaijan, hosting this year’s U.N. COP29 climate summit in November will advocate for oil and gas producing nations’ investment rights. The country’s president emphasized that fossil fuel demand remains robust despite climate targets, according to Reuters.
Azerbaijan will lead talks among 200 countries. Their focus: securing additional finance to tackle climate change and curb the greenhouse gas emissions causing global warming.
The President of Azerbaijan’s Ilham Aliyev, speaking at a climate conference in Berlin, pointed out the importance of defending fossil fuel-rich nations’ rights to invest and produce. He also stressed the need for solidarity among such countries on climate change issues.
The previous year’s U.N. climate summit in the United Arab Emirates concluded with a worldwide agreement aiming for net zero emissions by 2050. Burning these fuels is the primary source of greenhouse gas emissions driving climate change. Data from the International Energy Agency indicate a record high in global energy-related carbon dioxide emissions last year.
The implementation of the COP28 deal by countries in the coming years is uncertain. Moreover, Aliyev stated that Azerbaijan plans to boost its natural gas exports to Europe, aiming for 20 billion cubic meters by 2027.
“This is a sign of responsibility of Azerbaijan because we are largely investing in increasing our gas production because Europe needs more gas from new sources,” Aliyev said.
European countries have set ambitious emissions reduction targets for 2030. However, they’ve also hurried to secure new gas supply sources due to reduced deliveries from Russia following the 2022 war of Ukraine.
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