EU Warns of Risk of Backtracking on Fossil Fuel Commitments at COP 29
The European Union (EU) has warned participants at the 29th UN Climate Change Conference (COP 29) in Baku that any backsliding on the commitments made last year at COP 28 in Dubai regarding the transition away from fossil fuels would be unacceptable. The EU insists that a similar commitment be included in the final decisions of this year’s conference.
“No one should pretend that the previous conference didn’t happen,” stated European Energy Commissioner, Wopke Hoekstra. If the provision on phasing out fossil fuels is not included, last year's COP will be considered a failure, said Lydia Pereira, head of the European Parliament delegation in Baku. However, she expressed confidence that UAE delegates would strongly support wording related to phasing out fossil fuels.
Energy
-
On December 11, 2024, the President of Azerbaijan, Ilham Aliyev, approved a law on the adoption, approval, and authorization for the implementation of the "Second Appendix to the Agreement of September 14, 2017, on the joint development and shared production of oil from the 'Azeri,' 'Chirag,' and deep-water part of the 'Guneshli' fields (ACG) in the Azerbaijani sector of the Caspian Sea," the official website of the President of Azerbaijan. According to the document, the amendments to the ACG contract now include the development of previously untapped natural gas and liquid hydrocarbons within the geographical boundaries of the ACG contractual territory.
-
According to operational data, Azerbaijan produced 26.5 million tons of oil (including condensate) from January to November 2024, the monthly report from the Ministry of Energy of the Republic of Azerbaijan. For comparison, in the same period last year, Azerbaijan produced 27.6 million tons of liquid hydrocarbons. Thus, production volumes in the country decreased by 1.1 million tons during the reported period.
-
From January to November 2024, Azerbaijan produced 45.8 bcm of gas (including volumes injected into oil wells). This represents an increase of 1.8 bcm compared to the same period last year.
-
Azerbaijan is currently selecting a company to build the country's first industrial battery energy storage system, Deputy Minister of Energy, Elnur Soltanov, told journalists. The state-owned company "Azerenerji" is conducting the necessary work to integrate renewable energy sources with a total capacity of around 2 GW into Azerbaijan's energy system. Currently, eight renewable energy projects with a total capacity of approximately 2 GW are underway in the country. To integrate these capacities into the energy system, the system operator "Azerenerji" is implementing innovations and modernizing the infrastructure, Soltanov noted.
Leave a review