Fossil fuel extraction compatible with Paris Agreement, says Azerbaijan

Azerbaijan, the host of 2024’s global climate talks, suggested that continued fossil fuel extraction aligns with the goals of the Paris Agreement.

With four months until COP29 kicks off in Baku, the Azerbaijani presidency unveiled a set of 14 non-binding pledges and partnerships at a press conference on Friday.

New climate initiatives

The initiatives, which countries are encouraged to sign at the summit, include a range of climate action schemes. Among the notable announcements is the establishment of a “Climate Finance Action Fund” (CFAF) headquartered in Baku.

Voluntary contributions from fossil fuel-producing countries and companies, with Azerbaijan as a founding contributor will finance the fund. However, the CFAF will only become operational once at least 10 countries collectively pledge $1 billion.

Fossil fuels, climate goals

Elnur Soltanov, COP29’s Chief Executive and Azerbaijan’s Deputy Energy Minister, suggested that the Paris Agreement’s goals to keep global warming below 2 degrees Celsius and ideally to do 1.5 degrees Celsius not necessitate a reduction in fossil fuel production.

“To be 1.5 degrees Celsius-aligned is the goal,” Soltanov stated, emphasizing the need to differentiate between 1.5C alignment and hydrocarbon views.

He argued that some fossil fuels would still be necessary for energy and other uses, even if the world reaches climate neutrality by mid-century.

Soltanov highlighted the importance of focusing on emissions, the primary cause of global warming.

“I think we should be talking more about emissions, which cause global warming. So in that sense, I really believe that you can still be 1.5 degrees Celsisus-aligned and also – as I said, according to different models … hydrocarbons will continue to be the key,” he said.

Challenges ahead

United Nations Climate Chief Simon Stiell emphasized the importance of a successful COP29 in Baku, stating: “We have our work cut out for us. This will be a tough meeting. There is much to do.”

COP29 in Baku is set to be a critical event as the world grapples with the balance between fossil fuel use and achieving climate goals.