Vice president: SOCAR pledges carbon neutrality by 2050 with bold emission reduction targets

Climate change and the urgent need to mitigate its effects are compelling global action, according to Ziba Mustafayeva, Vice President of the State Oil Company of Azerbaijan (SOCAR).

She made these remarks during the event titled "From Theory to Practice for a Just Transition for All: A High-Level South-South Political Dialogue" held as part of COP29.

Mustafaeva emphasised that SOCAR is committed to decisive steps for a green future. "The company intends to achieve carbon neutrality by 2050, and specific targets have been set to achieve this. By 2030, we plan to completely eliminate gas flaring, and by 2035, we aim to reduce both corporate and absolute emissions by 20-30%, as well as bring methane emissions close to zero," she said.

She added that within SOCAR's new model, key performance indicators (KPIs) have been identified and integrated into management systems, applied across the company. "This approach allows us to meet the objectives in all areas of the company’s operations," Mustafaeva concluded.

Note that, on November 19, a panel discussion titled “Zero-Emission Electricity: Can the Carbon Credit Market Decarbonise Power Grids?” took place at Azerenerji OJSC's pavilion in the COP29 Green Zone, organised by SOCAR Trading, according to a statement from Azerenerji.

Foreign experts were first introduced to seven small hydropower plants in Kalbajar and Lachin, which are part of Azerbaijan's voluntary carbon credit market. The discussion then focused on the electrification of the economy and the decarbonisation of electricity grids as essential strategies for achieving net-zero emissions.

At the end of the meeting, participants were briefed on Azerenerji OJSC’s completed projects and potential future initiatives.

COP29, which began on November 11 at the Baku Olympic Stadium and runs until November 22, is the largest event hosted by Azerbaijan to date. It marks the first time the conference has been held in the region.

A key goal of COP29 is to establish a fair and ambitious climate finance agreement to support global climate action.

By Aghakazim Guliyev