{"id":49890,"date":"2024-01-25T13:08:51","date_gmt":"2024-01-25T13:08:51","guid":{"rendered":"https:\/\/www.climatechangenews.com\/?p=49890"},"modified":"2024-01-25T13:08:51","modified_gmt":"2024-01-25T13:08:51","slug":"cop29-host-azerbaijan-launches-green-energy-unit-to-sceptical-response","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2024\/01\/25\/cop29-host-azerbaijan-launches-green-energy-unit-to-sceptical-response\/","title":{"rendered":"Cop29 host Azerbaijan launches green energy unit to sceptical response"},"content":{"rendered":"

Roaming around what is believed to be modern-day Baku over 700 years ago, the explorer Marco Polo gazed with wonder at \u201ca spring from which gushes a stream of oil, in such abundance that a hundred ships may load there at once\u201d.<\/strong><\/p>\n

The birthplace<\/a> of crude refining, Azerbaijan has embedded fossil fuels in the fabric of its society for centuries. Oil, and more recently, gas have never stopped flowing from the vast reservoirs dotted around the Caspian basin.<\/p>\n

Feeding energy-hungry consumers across Europe continues to bring immense wealth to the country and particularly its ruling elite. Fossil fuels make up over 90%<\/a> of all exports and are by far the largest source<\/a> of government revenue.<\/p>\n

But as it gears up to host the Cop29 UN climate summit in November, Azerbaijan wants to show the world a different image. Burnishing its clean energy credentials through its state-owned oil and gas company, Socar, is part of the plan.<\/p>\n

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At a board meeting at the end of December, just a few weeks after the country was appointed as Cop host, Socar announced<\/a> the creation of a green energy division called Socar Green. It is promising investments in solar and wind projects, green hydrogen production, and carbon capture and storage (CCS).<\/p>\n

It was a largely unexpected move for a company planning to expand<\/a> its gas output and recently criticised<\/a> for lacking any energy transition strategy. The timing sparked suspicions among international observers: are they serious about it or is this just greenwashing?<\/p>\n

\u201cA green division is meaningless for the climate without an accompanying plan to phase out oil and gas\u201d, Myriam Douo, a senior campaigner with Oil Change International, told Climate Home. \u201cThe reality is that to avoid catastrophic climate breakdown more than half of fossil fuels in existing fields must stay in the ground\u201d.<\/p>\n

Oil and gas keep flowing<\/h3>\n

Despite being heavily reliant on oil and gas, in global terms Azerbaijan is not a major producer. It pumps less than 1% of the world’s oil and gas output.<\/p>\n

Its oil is expected to run out<\/a> in about 25 years and production is already going down slightly as reserves are depleted. But it has enough gas for nearly 100 years and is exploiting more and more of it each year. Industry analysts Rystad expect<\/a> its gas production to rise by a third in the next ten years.<\/p>\n