A report by Urgewald and the CEE Bankwatch Network found that SOCAR is increasing gas extraction across its sites in Azerbaijan, as well as exports to Europe following an agreement with the EU. Even though SOCAR pledged to achieve several climate targets, including net-zero emissions, an increased share of renewable energy sources, zero routine flaring, and zero methane emissions, the authors argue that the company has shown no evidence of supporting a just transition. SOCAR has also been linked to environmental and human rights violations, including attacks on human rights defenders.

Despite these concerns, the company allegedly received over $6.8 billion in loans and underwriting from foreign financial institutions between 2021 and 2023.

Business & Human Rights Resource Centre invited SOCAR, bp and 27 banks to respond. SOCAR, JPMorgan Chase, Citigroup, Bank of America, Arab Petroleum Investments Corporation, First Abu Dhabi Bank, Banque Cantonale de Genève, Federated Hermes, Akbank, Arab Banking Corporation, Commercial Bank of Dubai, National Bank of Fujairah, Anadolubank, Banco Finantia, VTB Group, Al Ahli Bank of Kuwait, UBAF Group, Abu Dhabi Investment Council, DZ Bank, Rabobank, Borak and National Bank of Ras Al-Khaimah did not respond. Mitsubishi UFJ Financial, ING Group, Mizuho Financial, Crédit Agricole, Erste Group, bp and Raiffeisen Bank responded.

All responses and non-responses can be found below.