Azerbaijan's SOCAR To Gradually Implement Decarbonization Program Until 2050

2024-07-18 09:27:09

(MENAFN- Trend News Agency) BAKU, Azerbaijan, July 18. State Oil Company of Azerbaijan (SOCAR) plans to turn into a national energy company by 2050, guaranteeing energy security and sustainability in its operations on a global scale, the company's head of environmental disclosures and green affairs department Mustafa Gurbanli told reporters during the company's media tour, Trend reports.

He pointed out that SOCAR has prepared a phased decarbonization program up to 2050 inclusive, which is based on the study of greenhouse gas emission indicators, real steps to reduce carbon dioxide and methane emissions, and an assessment of the company's portfolio of“green” projects.

The company seeks to completely stop gas flaring by 2030 and reduce greenhouse gas emissions in production by 30 percent compared to the 2022 figure.

“By 2035, SOCAR plans to reduce emission intensity from corporate activities by 30 percent and reach NetZero in 2050," Gurbanli noted.

Great work is scheduled for 2050 to reduce methane emissions, and this problem is especially relevant in the process of hydrocarbon extraction.

“Our foreign partners contribute to ensuring that we implement the set goals, in particular through the utilization of the newest technologies. In this regard, cooperation with bp, TotalEnergies, and ADNOC is already developing,” the SOCAR representative said.

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