Azerbaijan Expands Fossil Fuels

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Guardian

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Cop29 host Azerbaijan set for major fossil gas expansion, report says

Summary

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82% Informative

Azerbaijan 's state-owned oil and gas company, Socar, and its partners set to raise gas production by a third in next decade .

State-owned company recently agreed to increase gas exports to the European Union by 17% by 2026 .

Azerbaijan ’s climate action plan was rated “critically insufficient” by Climate Action Tracker in September .

Azerbaijan ’s economy is heavily dependent on fossil fuel income, which makes up 90% of export revenues and 60% of state revenues.

Socar receives substantial financial backing from major international institutions, totalling $ 6.8bn in loans and underwriting between 2021 and 2023 .

Report also highlighted accusations of human rights abuses and corruption in Azerbaijan .

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formal

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English

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