World Bank Raises Azerbaijan’s 2024 Growth Forecast to 3.2% Amid Public Investment Surge

On November 18, as part of COP29, Azerbaijan’s Deputy Minister of Energy, Orkhan Zeynalov, signed Memorandums of Understanding (MoU) in the field of "green energy" with representatives from Chinese companies "PowerChina Resources Limited" and "TBEA Co., Ltd."

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.