Under the chairmanship of President Ilham Aliyev, a meeting of the Ministry of Economy was held in videoconference format regarding the issues arising from the deliberations held on December 15 this year regarding the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29).

Minister of Economy Mikayil Jabbarov, President of SOCAR Rovshan Najaf, and the heads of structural departments of the ministry took part in the event, Azernews reports.

The ministry said that SOCAR presented a presentation on exemplary international experience related to the COP at the event and provided information on the priority given by the COP to the host countries regarding climate goals, the focus areas of COP28, and decarbonisation expectations.

It was noted that COP29, which will be held in our country in 2024, is an important international platform where the world's most urgent human problems are discussed. Holding this event in Azerbaijan is an indicator of great trust and confirms the position of our country as a responsible and reliable partner in solving global problems.

Being a party to the UN Framework Convention on Climate Change, Azerbaijan contributes to the fight against global climate change. SOCAR's voluntary commitment to reduce methane emissions to zero at COP28 is a manifestation of our country's sensitivity to climate problems.

It should be noted that, in addition to the Convention, the Azerbaijan Republic ratified the Paris Agreement in 2016 and set a goal of a 35% reduction in greenhouse gas emissions by 2030 compared to the base year (1990) as its contribution to initiatives to mitigate the effects of global climate change. Increasing the share of renewable energy sources in electricity production to 24% by 2026 and to 30% by 2030 is envisaged in the "Socio-economic Development Strategy of the Republic of Azerbaijan for 2022-2026".

Besides, Azerbaijan was represented for the first time with its own pavilion at the said event. In the pavilion built on an area of 254 m2, the country held side events and seminars with various local, regional, and international organisations, in addition to the display of virtual exhibits that reflected the work done by Azerbaijan in the field of combating climate change, mitigation, and adaptation measures.