Greenhouse Areas Expanded by 5.2%

At the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29), countries reached a crucial agreement to establish a unified global carbon credit market. The initiative aims to optimize greenhouse gas (GHG) emission reductions and address the shortfall in climate financing.

Russia will collaborate with Turkey and Azerbaijan to bring the Turkish gas hub near Istanbul into operation, First Deputy Minister of Energy of the Russian Federation Pavel Sorokin announced to journalists on November 22 at the Istanbul Energy Forum.

On November 22, Rovshan Najaf, President of Azerbaijan's State Oil Company (SOCAR), spoke at the Istanbul Energy Forum, sharing his perspective on the use of renewable and fossil fuels globally.

On November 21, COP29 participants, under Azerbaijan’s presidency, held intensive discussions over two draft proposals for the "New Collective Quantified Goal" (NCQG) on climate financing. The drafts reflect deep divisions on how to allocate funds, with developing nations demanding immediate and substantial financial commitments and wealthier countries advocating for more flexible mechanisms.