Vice president: SOCAR to become zero-emission company by 2050

The State Oil Company of Azerbaijan (SOCAR) aims to become a company with a mixed portfolio of mainly gas-fired energy, as well as renewable energy, by 2035, SOCAR Vice President Afgan Isayev said at the 30th Baku Energy Forum.

Report quotes Isayev as saying SOCAR has set a very clear vision to become a national energy company that provides affordable, sustainable and secure energy on a global scale: "By 2035, we will become an energy company with a mixed portfolio of mainly gas-fired energy, as well as renewable energy. We will not be able to ensure a fair, affordable and, most importantly, clean energy transition without natural gas. This is simply not possible."

He said that SOCAR will become a zero-emission company by 2050: "We will build our strategy on three pillars. The first is the decarbonization of the core business, which we have already started. The second is to change the corporate culture, and this is extremely important. For example, we changed the organizational structure of the company and introduced a new segment called energy transition and decarbonization due to a lack of creativity."