Global Energy Giants Commit to Green Investments at COP29 in Baku

Leading energy companies TotalEnergies, BP, Shell, and Equinor announced a joint investment commitment of $500 million to accelerate the development of sustainable renewable and alternative energy sources during COP29 in Baku, Turan news agency reported.

The pledge aligns with broader climate financing discussions at the conference, underscoring the energy sector's role in addressing global climate challenges. The funding aims to support a range of initiatives, including renewable energy infrastructure and innovative clean energy technologies.

In addition to their joint commitment, the companies, along with Chevron, ExxonMobil, and Eni, revealed plans to expand their biofuel strategies as part of their broader energy transition efforts. The group outlined a roadmap of over 40 biofuel projects set to be implemented by 2030. Many of these will focus on integrating biological feedstocks into existing refineries to produce blended fuels with significantly reduced greenhouse gas emissions.

Executives from TotalEnergies, BP, Shell, and Eni have held intensive discussions over the past week at COP29 in Baku, exploring avenues for collaboration on biofuel projects and other green initiatives. Key projects under consideration include the retrofitting of existing refining facilities and the development of new biofuel production sites.

The commitment reflects a growing trend among oil and gas majors to adapt their business models to align with global decarbonization goals. The investment in biofuels, in particular, highlights the sector's efforts to balance current energy demands with the push for a sustainable energy future.

COP29, hosted in Azerbaijan's capital, has drawn global attention as a platform for advancing climate action and fostering collaboration between governments, industries, and environmental advocates.