COP29 Executive Filmed Discussing Fossil Fuel Investment Opportunities

The BBC reports that a high-ranking official involved with the COP29 climate change conference in Azerbaijan seemingly leveraged his position to facilitate a discussion regarding prospective fossil fuel agreements. Covert audio footage depicts Elnur Soltanov, the chief executive of Azerbaijan’s COP29 delegation, engaging in a conversation about “investment opportunities” within the national oil and gas corporation with an individual who presented himself as a prospective investor. He states, “We have a lot of gas fields that are to be developed.” According to a former leader of the UN organization overseeing the climate negotiations, Soltanov’s conduct was described to the BBC as “completely unacceptable” and a “betrayal” of the COP framework. In addition to his role as chief executive of COP29, Soltanov holds positions as Azerbaijan’s deputy energy minister and a board member of Socar. The COP29 team representing Azerbaijan has not provided a response to a request for comment. Based on US statistics, oil and gas constitute approximately half of Azerbaijan’s overall economy and exceed 90% of its exports. The 29th annual UN climate summit, COP29, is scheduled to commence in Baku on Monday, serving as a forum for governments to deliberate on strategies for mitigating and adapting to climate change, and to elevate worldwide aspirations for addressing the challenge. Nevertheless, this marks the second consecutive year the BBC has disclosed purported misconduct by the host nation’s government. The human rights organization Global Witness provided the BBC with access to documents and confidential video recordings. It is understood that a representative from Global Witness approached the COP29 team, presenting himself as the leader of a fabricated Hong Kong investment company focused on the energy sector. This individual indicated that the company was interested in sponsoring the COP29 summit, but sought to discuss investment prospects in Azerbaijan’s state energy company, Socar, as a reciprocal arrangement. An online meeting with Soltanov was subsequently arranged. In the course of the meeting, Soltanov informed the prospective sponsor that the conference’s objective was “solving the climate crisis” and “transitioning away from hydrocarbons in a just, orderly and equitable manner.” He added that anyone, including oil and gas companies, “could come with solutions” because Azerbaijan’s “doors are open.” Nevertheless, he conveyed his willingness to engage in discussions about deals as well, encompassing those related to oil and gas. Soltanov initially proposed that the potential sponsor might be interested in investing in some of the “green transitioning projects” in which Socar participated, but subsequently shifted to discussing opportunities linked to Azerbaijan’s intentions to boost gas production, including new pipeline infrastructure. Soltanov is heard stating on the recording, “There are a lot of joint ventures that could be established.” He further added, “Socar is trading oil and gas all over the world, including in Asia.” Soltanov subsequently characterized natural gas as a “transitional fuel,” remarking: “We will have a certain amount of oil and natural gas being produced, perhaps forever.” The Intergovernmental Panel on Climate Change, the UN’s climate science authority, recognizes that oil and gas will have a role until 2050 and beyond. However, it has explicitly stated that a swift decrease in CO2 emissions, entailing “a substantial reduction in fossil fuel use,” is crucial for restricting warming to 1.5C, and that this necessitates achieving net zero CO2 emissions globally by approximately 2050. The International Energy Agency, the global energy watchdog, in a report analyzing the transition to a net zero energy system by 2050 while maintaining stable and affordable energy supplies, has indicated that this implies no new oil and natural gas fields are necessary beyond those already sanctioned for development. This also contradicts the commitment made by nations at the previous global climate summit to move away from fossil fuels. Soltanov seemed keen to facilitate the initiation of discussions, informing the prospective sponsor: “I would be happy to create a contact between your team and their team [Socar] so that they can start discussions.” Approximately two weeks later, the fictitious Hong Kong investment company received an email indicating Socar’s desire to pursue the lead. Engaging in business transactions within the framework of the COP process appears to represent a significant violation of the behavioral standards anticipated from a COP official. The purpose of these events is to decrease global reliance on fossil fuels—the primary contributor to climate change—rather than to promote their increased sale. The United Nations Framework Convention on Climate Change (UNFCCC), the UN entity tasked with overseeing climate negotiations, establishes these standards. The UN stated it was unable to comment directly on the findings but noted that “the same rigorous standards” apply to all conference hosts, and these standards underscore “the importance of impartiality on the part of all presiding officers.” The code of conduct for COP officials stipulates that they are “expected to act without bias, prejudice, favouritism, caprice, self-interest, preference or deference, strictly based on sound, independent and fair judgement.” It further states, “They are also expected to ensure that personal views and convictions do not compromise or appear to compromise their role and functions as a UNFCCC officer.” Christiana Figueres, who supervised the signing of the 2015 Paris agreement aimed at restricting global temperature increases to well below 2C, expressed to the BBC her astonishment that any individual within the COP process would leverage their position to broker oil and gas deals. She characterized such conduct as “contrary and egregious” to the COP’s objective and “a treason” to the process. The BBC has also reviewed email correspondence between the COP29 team and the fabricated investors. In one exchange, the team deliberates a $600,000 (£462,000) sponsorship agreement with a fictitious company in exchange for an introduction to Socar and participation in an event focused on “sustainable oil and gas investing” during COP29. Officials extended an offer of five passes granting full access to the summit and prepared a contract that initially mandated the firm to undertake certain sustainability commitments. Subsequently, following resistance, one requirement was removed, and “corrections” were contemplated for another. The BBC sought comments from Azerbaijan’s COP29 team and Socar. Neither entity provided a response to these inquiries. These revelations emerge one year after the BBC acquired leaked documents that exposed the UAE’s intentions to exploit its position as COP28 host to secure oil and gas agreements. COP28 marked the initial instance where consensus was achieved regarding the necessity of transitioning away from fossil fuels. Correction, November 29th: This article initially cited the IPCC as stating that “developing… new oil and gas fields is incompatible with limiting warming to 1.5C.” This has been revised to clarify that the IPCC’s stance is that a swift reduction in CO2 emissions, involving “a substantial reduction in fossil fuel use,” is vital for limiting warming to 1.5C, and that this suggests achieving net zero CO2 emissions globally by approximately 2050. Additionally, a statement from the International Energy Agency (IEA) has been included, indicating that this means no new oil and natural gas fields are needed beyond those already approved for development. 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