Azerbaijan, which is hosting the UN’s COP29 global climate summit, will expand fossil gas production in the next decade, according to a new report by Urgewald and the international NGO network CEE Bankwatch.
Azerbaijan’s state-owned oil and gas company, SOCAR. and its partners intend to increase the country’s annual gas production from 37 billion cubic meters (bcm) today to 49 bcm by 2033. SOCAR’s recently agreed with the European Union to boost gas exports by 17% by 2026.
It is mentioned in the new report that Azerbaijan is going to increase its gas production by one third in the next decade. Meanwhile, fossil fuel exporters are forecast to spend $41.4bn (£31.9bn) on the country’s gas fields. Only SOCAR has spent almost $300 million on new oil and gas searches in 2022-2024.
The Cop29 summit, which is to start on Nov. 11, comes as scientists argue that continued record of high carbon dioxide emissions mean “the future of humanity hangs in the balance.” But in 2023, SOCAR allocated 97% of its capital spending to oil and gas projects, the report noted.
“Given SOCAR’s pivotal role in Azerbaijan’s economy and its close ties to the country’s political elite, its influence will surely be felt throughout the climate negotiations in Baku this November,” Regine Richter, Energy Campaigner at Urgewald and lead author of the report, said. “As we prepare for COP29, we cannot but ask ourselves: Did we put the fox in charge of the henhouse?”
