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COP29 Chief Executive Caught Promoting Fossil Fuel Deals, Raising Concerns About the Conference’s Integrity

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A senior official at the COP29 climate change conference, set to take place in Baku, Azerbaijan, has been caught in a covert video promoting fossil fuel deals while using his position. Elnur Soltanov, the CEO of Azerbaijan’s COP29 team and deputy energy minister, was filmed discussing investment opportunities in the state oil and gas company, Socar, with a man posing as a potential investor. In the recording, Soltanov highlights the country’s many untapped gas fields and the potential for joint ventures, describing natural gas as a “transitional fuel.”

The secret footage raises serious ethical concerns, with critics calling it a betrayal of the COP process. Christiana Figueres, former head of the UN climate change body and architect of the 2015 Paris Agreement, called Soltanov’s actions “contrary and egregious” to COP’s purpose, accusing him of undermining efforts to combat climate change. She described the behavior as a “treason” to the COP process, which is meant to address the world’s reliance on fossil fuels, not facilitate their expansion.

Soltanov, who also sits on the board of Socar, was caught suggesting the fake investor could sponsor COP29 in exchange for discussions about oil and gas investments in Azerbaijan. Despite initially promoting “green transitioning projects,” Soltanov quickly shifted focus to the country’s plans to increase gas production and develop new pipeline infrastructure. He even implied that Socar could open doors for business ventures in the energy sector, including oil and gas, promoting the idea that the doors of Azerbaijan’s energy sector were “open” to anyone with solutions.

The revelation is the latest in a series of controversies surrounding COP hosts. This year marks the second consecutive year that the BBC has reported issues with the host nation’s behavior. Documents and recordings obtained by the human rights group Global Witness reveal the COP29 team discussing a sponsorship deal with a fictitious Hong Kong-based investment firm in exchange for access to the country’s oil and gas business.

The actions of Soltanov and the COP29 team, including offering passes for full access to the summit in exchange for support in energy investments, seem to be in direct violation of the UN’s code of conduct for COP officials. The UN Framework Convention on Climate Change (UNFCCC) enforces these standards to ensure impartiality and prevent conflicts of interest.

Azerbaijan’s COP29 team has not responded to requests for comment on the findings. Meanwhile, Soltanov’s promotion of fossil fuel deals starkly contrasts with the goals of COP29, which seeks to reduce global reliance on fossil fuels and limit the effects of climate change. The incident also follows last year’s revelations about similar attempts at COP28, hosted by the UAE, to strike oil and gas deals, emphasizing the ongoing tension between fossil fuel interests and the global climate agenda.

 

Eva Longoria’s $6 Million Investment Saved ‘John Wick,’ Directors Reveal

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Eva Longoria’s timely financial intervention reportedly played a crucial role in the success of the “John Wick” franchise, as revealed by the film’s directors, Chad Stahelski and David Leitch, during an interview for the movie’s 10th anniversary.

The Critical Funding Crisis

In a candid discussion with Business Insider, Stahelski recounted the intense pressure the film faced just days before production was set to shut down due to a significant funding shortfall. “We were less than a week out and we lost almost $6 million on a gap financing,” he explained. All involved, including Keanu Reeves, had invested their own money, but they were still short.

In a desperate move, the Creative Artists Agency (CAA) proposed that several actors finance the remaining $6 million, assuring them they would be the first paid back once the film premiered. Longoria, though unaware of the situation’s severity at the time, stepped in to provide the necessary funds.

A Heroic Rescue

Stahelski noted the narrow timeline: “Literally less than 24 hours before we had to lock the doors on the movie and walk away, [our producer] said, ‘We’ve got the investor, we’ve locked the gap.’” Longoria’s support allowed the production to continue, and the film eventually became a massive success, grossing an impressive $86 million against its estimated $20 million to $30 million budget.

In recognition of her contribution, the directors took Longoria out to lunch in Los Angeles as a gesture of gratitude after the film’s release. Leitch recalled their conversation at an awards event last year, where Longoria reflected on her investment: “She was like, ‘Wow, that was the best money I’ve ever spent.’ It paid back significantly for her.”

Lilium Faces Insolvency as Hopes for Air Taxi Dreams Fade

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German aerospace startup Lilium is on the verge of insolvency unless it secures emergency funding from the Bavarian state government. Once seen as a frontrunner in the race to develop electric vertical take-off and landing (eVTOL) vehicles—often referred to as “air taxis”—Lilium now finds itself in a precarious financial position, reflecting a dramatic fall from grace for a company that was once valued at billions.

Financial Struggles

Lilium has been actively seeking emergency capital injections from both the federal and state governments in Germany. The company has requested €50 million ($54 million) in loans from the federal government, but this request was recently denied by German lawmakers. In a regulatory filing, Lilium disclosed that the German parliament’s budget committee is unlikely to approve a guarantee for a proposed €100 million convertible loan, which would have been essential for the company’s survival.

Despite these setbacks, Lilium is still in discussions with the Free State of Bavaria regarding a guarantee of at least €50 million. A spokesperson for Lilium stated that the company would not provide further comments beyond the information in their filing.

Bavaria’s economy minister, Hubert Aiwanger, criticized the federal government’s decision not to support Lilium, labeling it as “regrettable.” The rejection has sparked a debate about the government’s approach to supporting innovative companies. Danijel Višević, co-founder of climate tech investors World Fund, suggested that the notion that air taxis are merely “toys for millionaires” is a shortsighted perspective. He pointed out the disparity in government support, noting how U.S. electric vehicle maker Tesla received federal loans while Lilium has not been afforded the same opportunity.

Vision for the Future

Lilium’s vision goes beyond just creating “flying cars.” The company aimed to develop a vertical take-off and landing aircraft capable of transporting passengers between cities, alleviating urban congestion. Initially, Lilium intended to operate its own digital hailing service, allowing users to summon rides from designated takeoff and landing areas. However, it later shifted its strategy to collaborate with airlines and airport operators to build the necessary infrastructure and service model.

The company’s jets, priced at around $9 million for the larger models and $7 million for a six-seater version, were designed to cater to urban air mobility needs. Lilium secured significant partnerships with notable players like Lufthansa in Germany and Saudia in Saudi Arabia, along with a collaboration with Groupe ADP, an international airport operator based in Paris.

Rise and Fall

Founded in 2015 by four university students, Lilium quickly gained traction as one of Europe’s most well-funded air taxi ventures, raising hundreds of millions from investors such as Tencent, Atomico, and Earlybird. The company went public in September 2021 through a merger with the special purpose acquisition company (SPAC) Qell, reaching a valuation of $3.3 billion at its peak. However, its stock has since plummeted to under 50 cents, reflecting a staggering decline of over 95% from its market debut.

Conclusion

Lilium’s struggles highlight the challenges faced by ambitious startups in the eVTOL space, where substantial investment and government support are crucial for survival. As it stands on the brink of insolvency, the future of Lilium and its vision for urban air mobility hangs in the balance.