This {photograph} reveals a view of the Boyukshor Lake within the Azerbaijani capital of Baku on July 25, 2024. – Flames soar into the air from a sandstone outcrop on a hillside of the Absheron peninsula close to Baku, the capital of Azerbaijan, because it prepares to host the COP29 local weather convention from November eleventh to November 22, 2024. The “burning mountain” — Yanardag in Azerbaijani — is fed by underground fuel rising to the floor and ignited upon contact with oxygen. (Photograph by VANO SHLAMOV / AFP)
Baku, Azerbaijan — Flames soar into the air from a sandstone outcrop on a hillside of the Absheron peninsula close to Baku, the capital of Azerbaijan, because it prepares to host the COP29 local weather convention.
The “burning mountain” — Yanardag in Azerbaijani — is fed by underground fuel rising to the floor and ignited upon contact with oxygen.
The abundance of naturally occurring fires from the energy-rich nation’s large fuel deposits has earned it the nickname “The Land of Hearth”.
READ: US senator urges COP29 host Azerbaijan to free activists
Azerbaijan’s huge oil and fuel sources “have formed the historical past, tradition, politics, and the financial system” of the Caspian nation, mentioned power skilled Kamalya Mustafayeva.
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Azerbaijan’s oil deposits — 7 billion barrels of confirmed reserves — have been found within the mid-Nineteenth century, making what was then a part of the Russian Empire one of many first locations on the planet to begin business oil manufacturing.
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“The world’s first industrial onshore oil effectively was drilled in Azerbaijan, and in addition the primary offshore one,” Ashraf Shikhaliyev, the director of power ministry’s worldwide cooperation division, advised AFP.
‘Born of oil growth’
Since gaining independence from the Soviet Union in 1991, Azerbaijan has produced 1.05 billion tonnes of oil and is about to extend its pure fuel manufacturing from 37 billion cubic metres (bcm) this 12 months to 49 bcm over the subsequent decade, in response to official figures.
Revenues from oil and fuel manufacturing make up about 35 % of the nation’s GDP and almost half of the state funds.
“Azerbaijan’s oil revenues — as much as $200 billion up to now since 1991 — gave the nation a chance to make an enormous leap ahead,” mentioned Sabit Bagirov, who headed the State Oil Firm of Azerbaijan within the Nineties.
“Baku, as soon as a small fishermen’s hamlet of some 4,000 folks, was born of an oil growth,” which led to an enormous inhabitants development — at a sooner charge from the Nineties than London, Paris, or New York — mentioned power skilled Ilham Shaban.
Trendy Baku is a bustling metropolis dotted with skyscrapers, seaside promenades, and futuristic buildings designed by world-renowned architects.
The Azerbaijani capital has turn into a venue for main worldwide occasions, such because the 2012 Eurovision Track Contest, matches within the Euro 2020 soccer championship, and the Method 1 motor racing Grand Prix.
The manna of petrodollars helped Azerbaijan to arm itself towards arch-foe Armenia, and final 12 months Baku recaptured its breakaway Nagorno-Karabakh area from Armenian separatists who had managed it for many years.
‘Europe’s power safety’
About 75 % of Azerbaijan’s power exports go to European markets.
In 2022, the European Fee — eager to scale back Europe’s dependence on Russian fuel — signed a cope with Baku to double fuel imports from the nation.
Whereas Azerbaijan’s share of fuel provides to Europe would possibly solely attain 5 % by 2033, the nation can meet all of the fuel wants of Bulgaria, Greece, Serbia, Albania, and the south of Italy, mentioned Bagirov.
“Azerbaijan has turn into an essential think about guaranteeing Europe’s power safety,” mentioned skilled Mustafayeva.
However fossil gasoline reserves, which President Ilham Aliyev has referred to as “a present of God”, are anticipated to be exhausted inside a number of a long time.
“Azerbaijan’s oil wells will run dry inside 20 years, pure fuel reserves will final for 50 years,” Bagirov mentioned.
“Financial dependence on hydrocarbons is a priority for the Azerbaijani authorities, which is making critical efforts to develop different financial sectors,” together with know-how, agriculture, and tourism, he mentioned.
Professional Shaban mentioned “Azerbaijan’s aim is to get the utmost cash from its hydrocarbon sources earlier than Europe reaches its decarbonisation goal,” which can result in a major drop within the continent’s demand for fossil fuels.
Inexperienced agenda
Azerbaijan’s bold plans to broaden power manufacturing imply the nation would emit 781 million tonnes of carbon dioxide greenhouse fuel a 12 months — greater than twice the annual emissions of the UK, London-based International Witness environmentalist group mentioned in January.
The prospect has prompted criticism from environmentalists forward of the COP29.
“COP hosts have a duty to ship progress and the reply isn’t discovered on the backside of an oil effectively or a fuel pipeline, however via bold local weather finance and motion,” mentioned Jasper Inventor, Greenpeace Worldwide’s head of delegation for COP29.
Azerbaijani officers mentioned the nation is making vital strides in setting its personal inexperienced agenda.
The nation goals to extend its renewable power capability to 30 % by 2030 and cut back greenhouse fuel emissions by 40 % by 2050.
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Shikhaliyev listed “clear power mega initiatives” similar to reworking the newly-recaptured Nagorno-Karabakh area right into a “inexperienced power zone” totally reliant on photo voltaic, wind and hydro energy.
