At the upcoming COP29, the State Oil Company of Azerbaijan (SOCAR) plans to actively participate by hosting events and panels that encourage the mitigation of climate change, SOCAR Vice President Afgan Isayev told Euronews, Report informs.
Isayev highlighted the importance of collaborative efforts with other national and international oil companies: “With strategic partnerships and forward-thinking projects, SOCAR aims to secure a sustainable future for the upcoming generations.”
According to him, the company has partnered with strategic global players and has already initiated significant projects, including the development of 1GW in renewable energy sources - comprising two solar and one wind project - and a 2GW offshore wind energy project aimed at green hydrogen production.
Isayev outlined the company's plans and actions to transform from a traditional oil and gas enterprise to a diversified energy leader by 2035, aiming to balance its portfolio with hydrocarbon and low-carbon businesses. SOCAR is set to align its emissions profile with global champions in the industry, emphasizing its commitment to decarbonization.