COP29 Officials Under Scrutiny for Promoting Fossil Fuel Investments

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A senior official leading the COP29 climate conference in Azerbaijan has reportedly used his position to facilitate a meeting about fossil fuel investment opportunities, according to a BBC investigation. A secret recording reveals Elnur Soltanov, the chief executive of Azerbaijan's COP29 team, discussing “investment opportunities” with a man posing as a prospective investor interested in Azerbaijan’s state-owned oil and gas company, Socar.

 

“We have a lot of gas fields that are to be developed,” Soltanov is heard saying in the recording. This development has sparked criticism, with a former head of the UN body responsible for climate talks condemning Soltanov’s actions as “completely unacceptable” and calling it a “betrayal” of the COP process. Along with leading COP29, Soltanov also serves as Azerbaijan’s deputy energy minister and holds a position on Socar’s board, further complicating the optics of his involvement.

 

Despite multiple inquiries from the BBC, neither Azerbaijan’s COP29 team nor Socar has issued a statement on the matter. Currently, oil and gas contribute to roughly half of Azerbaijan’s economy and over 90% of its exports, according to U.S. data. COP29, scheduled to open in Baku on Monday, is the 29th annual UN climate summit, intended as a platform for global leaders to strategize on limiting climate change and enhancing global climate ambitions.

 

This revelation marks the second consecutive year that the host government of COP has been implicated in controversial behavior. Last year, leaked documents exposed plans by the UAE, which hosted COP28, to leverage the summit for securing oil and gas agreements. The latest claims against Azerbaijan stem from documents and covert video recordings obtained by the human rights organization Global Witness, which involved a representative posing as the head of a fictitious Hong Kong-based investment firm focused on energy.

 

According to reports, the fake company offered to sponsor COP29 but expressed interest in discussing investment opportunities with Socar in exchange. During a virtual meeting, Soltanov explained that the primary goal of COP29 was to address the climate crisis and work toward a “just, orderly, and equitable” transition from hydrocarbons. However, he also invited discussions on oil and gas deals, stating, “There are a lot of joint ventures that could be established.” Soltanov explained that Socar trades oil and gas globally, including in Asia, and described natural gas as a “transitional fuel,” noting, “We will have a certain amount of oil and natural gas being produced, perhaps forever.”

 

In the recording, Soltanov expressed his willingness to facilitate discussions, telling the supposed investor, “I would be happy to create a contact between your team and their team [Socar] so that they can start discussions.” Shortly after, the fake company received a follow-up email from Socar indicating interest in pursuing the opportunity.

 

The idea of striking business deals during COP events is widely seen as a violation of the ethical standards expected of COP officials. These gatherings are designed to focus on strategies to reduce fossil fuel reliance—the primary driver of climate change—rather than promoting fossil fuel investments. The BBC also reviewed emails exchanged between the COP29 team and the fake investors. In one thread, officials discuss a potential $600,000 sponsorship deal with the fictitious company in exchange for an introduction to Socar and participation in an event titled “sustainable oil and gas investing” at COP29.

 

The BBC sought comments from both Azerbaijan’s COP29 team and Socar, but neither responded. As the world faces urgent calls to reduce greenhouse gas emissions, revelations like these add to concerns about the integrity of the COP process and the commitment of host nations to advancing global climate goals.

 

Based on a report by BBC 2024-11-09