OPEC secretary general highlights Azerbaijan’s constructive role in global oil market

OPEC Secretary General Haitham Al-Ghais has said that Azerbaijan plays a constructive role in regulating the global oil market.

Al-Ghais made these remarks during a meeting with Azerbaijan's Minister of Energy Parviz Shahbazov within the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), Caliber.Az reports per local media.

Al-Ghais expressed support for Azerbaijan's COP29 Presidency and shared his participation in the COP29 events. The meeting covered global energy market trends, the future of the oil industry, the importance of emission reductions, and investment in new technologies for achieving "clean energy."

The discussion also focused on renewable energy projects within the "OPEC Plus" framework, as well as issues surrounding "green energy" partnerships. Special attention was given to the involvement of the UAE and Saudi Arabia in renewable energy projects in Azerbaijan and Central Asia. 

COP29, which is being held at Baku Stadium from November 11-22, is Azerbaijan’s most significant international event to date and the first time the country has hosted a COP conference. The summit kicked off with the signing of the Host Country Agreement and other key documents between the Azerbaijani government and the UN Framework Convention on Climate Change (UNFCCC) Secretariat. One of the central goals of COP29 is the establishment of a New Collective Quantitative Goal (NCQG) for climate finance. To further this aim, the COP29 presidency has introduced 14 key initiatives designed to integrate climate action with the United Nations Sustainable Development Goals (SDGs). 

These initiatives cover a broad spectrum of critical areas, including the development of green energy corridors, energy storage solutions, climate resilience strategies, clean hydrogen, methane reduction from organic waste, and the promotion of green digital technologies. A flagship proposal of the conference is the creation of the Climate Finance Action Fund, which is aimed at supporting efforts to limit global warming to 1.5°C. Throughout the event, Azerbaijan has continued to reaffirm its strong commitment to addressing climate change and promoting environmental protection. The unanimous decision to select Azerbaijan as the host for COP29 reflects the global community’s trust in the country’s leadership on climate-related issues. In his opening remarks, President Ilham Aliyev underscored Azerbaijan’s central role in global climate efforts, emphasizing the nation’s dedication to tackling climate change and advancing sustainable development.

By Naila Huseynova