Oxford Institute forecasts increase in global oil supply

To achieve net zero emissions by 2050, Azerbaijan requires investments totaling $200 billion, Deputy Energy Minister and Executive Director of the 29th Conference of the Parties to the UN Framework Convention on Climate Change (COP29), Elnur Sultanov told  during a dialogue on sustainable development goals in Baku yesterday.

Gas production from the third phase of the “Shah Deniz” gas-condensate field in the Azerbaijani shelf is expected to begin in 2029, Hungarian MVM, a shareholder in the project, reported to Interfax.

About 60 statements and decisions are expected to be adopted during the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) in Baku, the Deputy Foreign Minister of the Republic of Azerbaijan and chief negotiator for COP29, Yalchin Rafiev, announced during a dialogue on the Sustainable Development Goals titled "Echoes of the Future: Coordinating Efforts to Combat Climate  Change and Global Goals."

Azerbaijan has pledged to reduce emissions by 40% by 2050, but it is anticipated that this target will be achieved by 2035, the Deputy Minister of Energy of the Republic of Azerbaijan and Chief Executive Officer of COP29, Elnur Sultanov, announced  during a dialogue on the Sustainable Development Goals titled "Echoes of the Future: Coordinating Efforts to Combat Climate Change and Global Goals."