COP29 CEO caught facilitating oil & gas deals with fake energy firm, in return for sponsorship

The Chief Executive Officer of the Conference of Parties (COP29), Elnur Soltanov, has been found to facilitating discussions on potential fossil fuel deals, reported BBC.

Soltanov, who is also the head of the State Oil Company of the Azerbaijan Republic (Socar), had been in talks to advance oil and gas deals.

The news comes just days before the 29th annual United Nations climate summit, which is set to run from Nov. 11 to 22 in Baku, Azerbaijan.

How it was uncovered

Soltanov, who is also Azerbaijan's Deputy Minister of Energy, was secretly filmed in an online meeting discussing oil and gas deals with a Hong Kong oil and gas investment firm, reported BBC.

As it turns out, the Hong Kong firm is a fictitious one, and comprised undercover representatives from non-profit, Global Witness.

The representative posing as the head of the fictitious Hong Kong firm approached Soltanov, proposing the idea of investing in Socar, as well as sponsoring the COP29 summit.

An online meeting was thereafter arranged.

Soltanov's position was that COP29 was a platform for a "just, orderly and equitable" transition away from hydrocarbons, and that anyone, including oil and gas companies, could "come with solutions" as Azerbaijan doors are "open".

However, Soltanov was also recorded stating that he was open to discussions about deals, including those on oil and gas, BBC wrote.

"There are a lot of joint ventures that could be established," he was reported saying on record.

"Socar is trading oil and gas all over the world, including Asia."

In addition to the video call, BBC reported seeing email threads between the COP29 team and the fake investors.

In a particular thread, the COP29 team was exploring a US$600,000 (S$792,094) sponsorship deal with the fake company.

Soltanov also said he would introduce the firm and "create a contact" with Socar to "start discussions", reported The Guardian.

The COP29 team also waived certain climate and sustainability requirements if the firm sponsored the summit.

"Betrayal" of COP process

A former head of the UN body involved in climate talks shared with BBC that Soltanov's actions were a "betrayal" of the COP proceedings, and deemed "completely unacceptable" in light of climate agreements.

The United Nations Framework Convention on Climate Change (UNFCCC), the body that oversees COP, has a code of ethics that states that officials should not use their roles to "seek private gain".

Officials are also expected to act "without self-interest".

One of the primary purposes of COP is to advance the key Paris Agreement aim of limiting global warming to 1.5°C above pre-industrial levels before 2025.

A spokesperson for Global Witness said, as reported by The Guardian: “The UNFCCC urgently needs to act to clean up the COP climate talks, starting by banning the fossil fuel industry from sponsoring them, and kicking their lobbyists out for good."

Both Azerbaijan's COP29 delegation and Socar have not published an official statement, nor responded to BBC's queries.

Oil and gas central to Azerbaijan's economy

Oil and gas accounts for approximately half of Azerbaijan's economy, and more than 90 per cent of its exports, reported BBC.

According to the International Energy Agency (IEA), Azerbaijan is a major producer of crude oil and natural gas, exporting 26.6 metric tonnes and 22.6 billion cubic metes in 2022 respectively.

Majority of its oil is exported to Italy, Turkey, Israel, India and Greece, noted The Observatory of Economic Complexity (OEC).

Top image from GlobeSec Forum 2024/Website and the Institute for Development and Diplomacy/Website