Azerbaijan, which will host this year's U.N. climate summit, intends to champion the rights of oil and gas-producing nations to invest in their industries, according to the country's president. President Ilham Aliyev emphasized on Friday that despite global climate goals, there remains a significant demand for fossil fuels. In November, as the host of the United Nations COP29 climate summit, Azerbaijan will play a central role in facilitating discussions among nearly 200 nations on securing additional funding to combat climate change and reduce the emissions contributing to global warming.
President Aliyev underscored the significance of countries endowed with fossil fuel resources in defending their prerogative to maintain investments and production. However, he also stressed the importance of solidarity among such nations in addressing climate change challenges. The previous U.N. climate summit in the United Arab Emirates concluded with a worldwide agreement urging a transition away from fossil fuels to achieve net zero emissions by 2050. Fossil fuel combustion for energy generation remains the primary contributor to greenhouse gas emissions, with the International Energy Agency reporting record-high global energy-related carbon dioxide emissions last year.
The manner in which countries will implement the COP28 agreement in the coming years remains uncertain. President Aliyev disclosed Azerbaijan's plans to enhance natural gas exports to Europe, aiming to reach 20 billion cubic meters by 2027 in light of prevailing geopolitical dynamics. He framed this initiative as a testament to Azerbaijan's commitment and responsibility, highlighting substantial investments in expanding gas production to meet Europe's escalating demand for gas from alternative sources.
