Azerbaijan prepares for COP29
A story from the March 2024 edition of The Steppe
Azerbaijan secured the rights to host COP29 in December of last year following months of wrangling, in which Russian consistently vetoed EU host countries, and which eventually saw the 23 country Eastern European group fall in behind Azerbaijan.
Mukhtar Babayev, Azerbaijan's Ecology Minister and former veteran of the state oil company SOCAR for 26 years, has been appointed as the President for COP29 in Azerbaijan.
The choice of host country is not uncontroversial. Traditionally reliant on fossil fuels such as oil and gas, Azerbaijan has faced growing domestic and international pressure to diversify its economy away from flagship exports. This comes particularly from nearby partners such as the EU, who have ambitions to reduce greenhouse gas emissions by 55% by 2030, compared to 1990 levels.Â
In response, Azerbaijan has begun focusing on a slew of environmentally conscious projects, signing agreements for the development of an offshore wind farm, a green hydrogen production facility, and beginning construction on its first major solar power plant last year. However, skepticism surrounds the country's pace and commitment to this transformation, especially as it plans to expand its gas production over the next decade.
While Azerbaijan possesses undeniable potential for renewable power generation, it needs foreign investors to fully realize its capacity, particularly to establish the necessary infrastructure for export to Europe. Attracting international investments and fostering strategic partnerships with this objective in mind, Azerbaijan will not only accelerate the development of renewable energy projects but also contribute to its economic growth and energy security.Â