SOCAR, Italgas sign cooperation agreement at COP29 to accelerate energy transition

The State Oil Company of the Azerbaijan Republic (SOCAR) and Italian Italgas gas distributor signed a cooperation agreement during the 29th session of the United Nations Framework Convention on Climate Change (COP29).

The agreement was signed by SOCAR Vice President Elshad Nasirov and Italgas CEO Paolo Gallo, SOCAR said, Caliber.Az reports per local media.

The agreement focuses on sharing expertise and technologies to accelerate the energy transition, digitalisation, and decarbonisation of infrastructure. Both companies will collaborate on the application of Picarro technology for gas leak detection and the digitalization of processes. This strategic partnership aims to strengthen gas distribution systems, enhancing resilience and innovation in the sector.

The Summit of World Leaders within the framework of the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) has started in Baku. On November 11, the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) officially kicked off in Baku, marking one of the most significant and prestigious global events.

COP29, which is being held at the Baku Stadium from November 11 to 22, is Azerbaijan's largest event to date and the first of its kind in the region. A "Host Country Agreement" and other key documents were signed between the Azerbaijani government and the Secretariat of the UN Framework Convention on Climate Change. The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantified Goal (NCQG) related to climate finance. The COP29 presidency has put forward 14 initiatives that encompass the interlinkage between climate action and sustainable development goals. These include green energy corridors, green energy storage, climate resilience harmony, clean hydrogen, methane reduction from organic waste, and actions in the field of green digital technologies, among other topics. One of the proposed initiatives is the establishment of a Climate Finance Action Fund.

Beyond prioritising climate finance, which brings everyone together, this initiative will also contribute to meeting the 1.5°C commitment. Azerbaijan attaches great importance to environmental protection and addressing the impacts of climate change, actively working in this direction. The country’s unanimous election as the host of the 29th session of the Conference of the Parties is a clear testament to this. As noted by the President of the Republic of Azerbaijan, Ilham Aliyev, this is a sign of great respect and trust from the international community towards Azerbaijan.

By Naila Huseynova