An event titled "Leveraging International Article 6 Climate Finance For Methane Reduction" was held during the Finance, Investment and Trade Day in the Green Zone of COP29 in Baku, Report informs with reference to the State Oil Company of Azerbaijan (SOCAR).
The event was held with the support of the company and organized by Article Six Group. The event was attended by Deputy Minister of Energy, COP29 CEO Elnur Soltanov, representatives of institutions such as SOCAR, Article Six Group, Atlantic Council, Standard Chartered Bank, Environmental Defence Fund, Oil and Gas Decarbonization Charter, as well as other stakeholders.
The event discussed the implementation of projects on detection and elimination of methane leaks in the energy sector, certification of reduced emission volumes based on Article 6 of the Paris Agreement, carbon credit markets, and financial mechanisms for emission reduction.
SOCAR Vice President Afgan Isayev spoke at the event, providing detailed information about projects implemented to reduce methane emissions in SOCAR's areas of operation, monitoring methane emissions via satellites and drones, new innovative solutions applied in emission reduction, existing challenges, and financing issues in this field.
The event featured presentations on energy companies' opportunities to implement such projects, existing practices, challenges in this area, reduction and certification of carbon emissions according to international methodology, and the carbon credits trading mechanism.
The discussions emphasized that one of the key factors for developing decarbonization solutions in industry is attracting financial resources. In this regard, special emphasis was placed on the importance of engaging financial institutions in reducing emissions in the energy sector and climate finance based on Article 6 of the Paris Agreement.