The State Oil Company of Azerbaijan (SOCAR) supports the Green Development Portal concept, SOCAR Vice President Kenan Najafov told an event themed "How can ensuring global energy transition offer new paths to economic prosperity?" held on the sidelines of COP29 in Baku, Report informs.
"Sharing all operational assets by 2030 and achieving zero emissions by 2050 is one of many targets. How do we plan to achieve these targets? This is implemented through three pillars," Najafov emphasized.
According to the SOCAR vice president, the first is the decarbonization of the core business - the oil and natural gas sector: "Traditional businesses must be decarbonized, and we are implementing this using high technology. The second is organizational transformation, accepting the mindset of decarbonization and renewable energy. The third is low-carbon businesses. We are collaborating with our partners to create wind, solar, possible hydrogen, and other low-carbon energy businesses."
Najafov noted that in this sense, SOCAR aims to remain active, profitable, and financially sustainable in accordance with the Green Development Portal concept: "This would be a very good balance. On behalf of SOCAR, I once again confirm our support for the Green Development Portal."