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COP29 will not stop us from investing in “God-given” gas – POLITICO

“As the leader of a country rich in fossil fuels, we will of course defend the right of these countries to continue their investments and continue their production,” he said.

“The Petrostates are perfecting a sinister COP playbook,” said Patrick Galey, fossil fuels investigator at Global Witness. “Just like the UAE, Azerbaijan is planning a massive increase in its gas production. Like the United Arab Emirates, Azerbaijan plans to legitimize its authoritarian rule by hosting these global negotiations. And just like the UAE, Azerbaijan appears ready to use the COP to expand its international trade relations. »

Baku, among the world’s most oil and gas-dependent economies, is expected to receive an additional $40 billion in foreign direct investment to boost its exports by 2034. In the past year alone, the country South Caucasus has reached agreements with France’s TotalEnergies and the Abu Dhabi National Oil Company to increase exploration and drilling.

The location of COP29 in the fossil fuel-dependent country follows last year’s conference in the United Arab Emirates, another oil-rich country. | Maxim Shipenkov/EFE via EPA

In March, Aliyev warned that “anti-fossil fuel tendencies” should not hinder investment and called on European state-owned banks to drop their bans on supporting fossil fuel infrastructure to help him expand the southern gas corridor – a 3,500 kilometer pipeline network that transports gas. from the Caspian Sea to Europe. The European Investment Bank — which lent hundreds of millions of euros for the pipeline’s construction — told POLITICO it would not consider financing its expansion.

Gas policy

Azerbaijan is considered one of the most autocratic states in the world, and Aliyev’s regime ensures that “state oil and gas revenues” benefit “privileged elites rather than the population in power.” general,” according to a recent Freedom House report.

The country has also fought several military conflicts with neighboring Armenia in recent years, including a recent offensive aimed at reconquering the breakaway region of Nagorno-Karabakh. Following the attack, the European Parliament approved targeted sanctions against Aliyev and other senior officials and called on “the EU to reduce its dependence on Azerbaijani gas imports.”


Sara Adm

Aimant les mots, Sara Smith a commencé à écrire dès son plus jeune âge. En tant qu'éditeur en chef de son journal scolaire, il met en valeur ses compétences en racontant des récits impactants. Smith a ensuite étudié le journalisme à l'université Columbia, où il est diplômé en tête de sa classe. Après avoir étudié au New York Times, Sara décroche un poste de journaliste de nouvelles. Depuis dix ans, il a couvert des événements majeurs tels que les élections présidentielles et les catastrophes naturelles. Il a été acclamé pour sa capacité à créer des récits captivants qui capturent l'expérience humaine.
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