Climate Action Week Discussed Financial Support for Green Energy Initiatives

BP has signed a shareholders agreement with SOCAR Green (a subsidiary of SOCAR) and the Azerbaijan Investment Company (AIC) to form a joint venture for the construction of a 240 MW solar power plant in Azerbaijan’s Jabrayil District, the company announced on Monday.

The State Oil Company of Azerbaijan (SOCAR) and Russian energy giant Gazprom are discussing further steps to strengthen their strategic partnership in the energy sector, SOCAR announced on social media on Monday.

Azerbaijan, known worldwide for its oil wealth, has seen its oil and gas sector contribute at least 90% of its exports, significantly shaping the country’s GDP, foreign investment, and fiscal stability. These resources have helped stabilize the national currency and ensured political and social stability. However, since oil production has been steadily declining since 2011, the country faces mounting economic challenges as it transitions into a post-oil era, notes economist Gubad Ibadoglu.

In Azerbaijan, it is planned to calculate wages on an hourly basis instead of monthly. At the same time, according to officials' statements, salary increases are expected next year. So far, there is no official information on how much wages will increase. However, experts say that the transition to hourly wages in Azerbaijan appears very difficult and could lead to cases of abuse.