SOCAR plans another sale of carbon credits on European market

The State Oil Company of Azerbaijan Republic (SOCAR) is planning another sale of carbon credits on the European market.

The head of the SOCAR's Department of Environmental Affairs Mustafa Gurbanli made the announcement as part of a press tour to SOCAR's Environmental Park on the occasion of the 30th anniversary of the Deal of the Century and National Press Day, Caliber.Az reports.

"SOCAR has already implemented a project related to carbon credits and successfully implemented it. This process was carried out as part of leakage detection and elimination. The resulting reduced volumes were sold on the German market (stock exchange) as investments in repeated green projects," Gurbanli said.

Gurbanly also noted that a second project is currently being implemented in this area. The project has identified 170 leaks, as a result of their elimination is expected to reduce emissions by more than 60,000 tonnes of carbon dioxide.