BAKU, Azerbaijan, July 18. The State Oil Company of Azerbaijan (SOCAR) is selling its second package of carbon quotas on the European market, amounting to 60,000 tons, obtained by reducing carbon dioxide emissions through the prevention of nearly 170 leaks, the company's head of environmental disclosures and green affairs department Mustafa Gurbanli told Trend.
He made the statement during SOCAR's media tour.
"The second package of carbon credits, like the first one, will be sold on the German market, where the highest prices for carbon credits prevail. In SOCAR, these projects are implemented within the framework of detecting and eliminating carbon dioxide leaks. At the same time, the volumes of greenhouse gas emission reductions achieved by us are sold on the German exchange and provide certain funds for the implementation of green projects," Gurbanli said.
Another source told Trend that the sale of the second package of carbon quotas, which is almost three times larger than the first package realized in 2021-2022, is possible after certification by the German Environment Agency (UBA) following the appropriate audit.
The resulting UER (upstream emission reduction) certificates are documentary evidence of carbon dioxide emission reductions in SOCAR's operations, and it is these certificates that SOCAR has the right to sell on the German market to interested companies that have failed to fulfill their carbon dioxide emission reduction commitments.
The source noted that SOCAR achieves greenhouse gas emission reductions through modern carbon capture technologies deployed at key fields like Gunashli and Neft Dashlari (Oil Rocks), as well as through the installation of advanced equipment at its state-owned enterprises.
"Thus, SOCAR not only effectively reduces its carbon footprint but also successfully sells surplus carbon credits," the source added.
