Azerbaijan's Defense, National Security Spending Set to Rise Amid Regional Tensions: Finance Minister

On Monday, November 18, as part of the COP29 events, Baku hosted a presentation of the Roadmap for the 'Energy Efficiency Strategy in Azerbaijan.'

Azerbaijan produced 24.1 million tonnes of crude oil (including condensate) in the first ten months of 2024, a decline driven by reduced output at key offshore fields, according to data from the Ministry of Energy.

Azerbaijan is preparing to unveil its Biennial Transparency Report (BTR) this week, highlighting its commitment to climate action. Environment and Natural Resources Minister Mukhtar Babayev, who also serves as the President of COP29, emphasized the importance of clear plans to meet the 1.5-degree target through enhanced Nationally Determined Contributions (NDCs), National Adaptation Plans (NAPs), and the BTR.

Azerbaijan and Germany conducted a high-level business dialogue focused on "Green Transformation" during the COP29 climate summit, organized by the Azerbaijan Export and Investment Promotion Agency (AZPROMO) and the Eastern Business Association of Germany. The event brought together around 40 representatives from both countries, including companies specializing in renewable energy, food production and packaging, ICT and technology services, water management solutions, automotive industry technologies, and other sectors.