SOCAR, Japan Bank for International Cooperation sign green financing memorandum PHOTO

The State Oil Company of Azerbaijan (SOCAR) has signed a memorandum of intentions with the Japan Bank for International Cooperation (JBIC) to enhance their collaboration on “green” financing initiatives.

This agreement marks a significant step towards advancing sustainable energy solutions and supporting environmental responsibility in the energy sector.

SOCAR President Rovshan Najaf shared the announcement via social media, where he highlighted the productive meeting with JBIC Governor Nobumitsu Hayashi, Caliber.Az reports.

We had a productive meeting with Nobumitsu Hayashi, Governor of the Japan Bank for International Cooperation (#JBIC). The discussions focused on strengthening the partnership between #SOCAR and JBIC, exploring new investment opportunities, and advancing initiatives aimed at… pic.twitter.com/fxNC5wLDKW

— Rovshan Najaf (@RovshanNajaf) November 16, 2024

According to Najaf, the discussions focused on strengthening the partnership between SOCAR and JBIC, exploring new investment opportunities, and promoting sustainability, decarbonization, and innovation within the energy sector. The signing of the Heads of Agreement on Green Financing, he noted, emphasizes SOCAR's ongoing commitment to fostering environmentally responsible energy practices.

"SOCAR has long been a leader in Azerbaijan's efforts to combat climate change, actively reducing its greenhouse gas emissions and promoting green initiatives within its operations. The company’s proactive approach to decarbonization has positioned it as a model in the fight against global climate change," Mikail Jabbarov, Azerbaijan's Minister of Economy and Chairman of SOCAR’s Supervisory Board, said at the COP29 event in Baku.

He reaffirmed that decarbonization is a key priority for the country’s energy policy. He also emphasized that Azerbaijan is undertaking large-scale initiatives to address climate change. Jabbarov stressed the importance of international cooperation in these efforts, highlighting the global nature of the challenge.

In his remarks, SOCAR President Rovshan Najaf reiterated the significance of global collaboration on decarbonization and the development of “green energy.” He spoke about the importance of sharing best practices and noted SOCAR’s successful cooperation with international organizations and leading companies to drive energy transformation. Najaf also discussed the ongoing efforts by SOCAR to contribute to global sustainability goals through strategic initiatives like green financing.

The event included discussions among key stakeholders, including representatives from the Ministry of Economy, SOCAR Group, Boston Consulting Group, JBIC, international organizations such as OGDC and IOGP, and other participants. These discussions emphasized the pivotal role of such strategic initiatives in advancing Azerbaijan’s sustainable development agenda and enhancing its global position in the transition to cleaner energy.

By Tamilla Hasanova