Search Site

Trends banner

DP World posts record $20bn revenue

The adjusted EBITDA rose by 6.7% to $5.5bn in 2024.

Meraas awards $544m contract

It has been awarded for construction of Design Quarter at d3

Salik 2024 net profit before taxes $348m

The toll operator's revenue increased by 6% to $626 million.

ADNIC okays 45% dividend for 2024

The company achieved its highest ever revenue and net profit.

stc net profit for 2024 $6.58bn

This is an increase of 85.7 percent over the previous year.

Climate change undermines global security, says NATO chief

Azerbaijani President Ilham Aliyev meets with NATO Secretary General Jens Stoltenberg in Baku.
  • Stoltenberg said in Baku the challenge was that "the world needs energy, but at the same time we need to fight global warming"
  • He also hailed Azerbaijan for investing in alternative energies, stressing the country's "great potential" as a supplier of hydropower

Baku, Azerbaijan–NATO Secretary General Jens Stoltenberg on Sunday stressed the need to fight global warming, and called climate change a “crisis multiplier” with implications for global security.

He made the remarks during a press conference in Baku along with Azerbaijani President Ilham Aliyev, whose energy-rich country is set to host the COP29 UN Climate Change Conference in November.

Praising Azerbaijan for its “important role in delivering (natural) gas to key NATO allies,” Stoltenberg said “the challenge is that the world needs energy, but at the same time we need to fight global warming.”

“We need to reconcile the need for energy and environment,” he said, adding that “climate change matters for security, matters for NATO.”

“Climate change is a crisis multiplier, and we see the effects of climate change all over the world.”

Stoltenberg also hailed Azerbaijan for investing in alternative energies, stressing the country’s “great potential” as a supplier of hydropower and solar power to the European markets.

The decision to hold a climate summit in oil-and-gas-producer Azerbaijan has been criticised by environmental groups.

But the tightly controlled Caspian nation is seeking to change its reputation as a polluting authoritarian state.

Aliyev said that while his country is a “pan-European gas supplier” it has an ambitious green transition agenda.

He said Azerbaijan’s selection as a host of COP 29 on November 11-24 was a “sign of recognition of our efforts on green transition.”

2024 will be the second year in a row that the COP29 will be hosted by an oil giant, with the 2023 conference held in the United Arab Emirates.

Adding to the controversy, the presidency of the conference has been entrusted to Mukhtar Babayev, a former executive of Azerbaijan’s state oil company, SOCAR.