2024-07-31 17:19:47
The Central Bank of Azerbaijan is implementing a roadmap for sustainable development and, as a regulator, is ready to stimulate “green” lending and minimize risks associated with climate change.
As reported by Day.Az, the head of the Central Bank’s board, Taleh Kyazimov, said this at a press conference, answering a question from Trend.
“This roadmap includes the creation of a taxonomy, the creation of regulations for “green” loans and bonds. Work on “green” loans and bonds will be completed in September-October 2024. Sustainable development is one of the main priority areas of the CBA’s work,” he noted.
According to the Director General of the Central Bank, Shahin Mahmudzade, Azerbaijan plans to present its draft taxonomy for “green” operations at COP29, which will unite many countries of the world.
“Currently, about 50 countries in the world have a taxonomy related to “green” bonds and loans, but there are no links between these taxonomies, they are of a national nature. Therefore, we had an idea that Azerbaijan should act as an initiator in developing the principles of taxonomy that will unite all countries. We are currently working in this direction with two international institutions – the International Platform on Sustainable Finance (IPSF) and the Sustainable Banking & Finance Network (SBFN). We plan to present this taxonomy at COP29,” Mahmudzade said.