15:50 - 7.11.2024

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November 7, Fineko/abc.az. Azerbaijan's banking sector is ready to allocate significant financial resources to support Green Transition projects until 2030, ABC.AZ reports, quoting CBA chairman Taleh Kazimov.

He added that this promise will demonstrate the commitment of the banking sector to combat climate change, including renewable energy sources, sustainable infrastructure and other "green initiatives".

"Another important issue is completion of the National Green Taxonomy of Azerbaijan: for this purpose, the Central Bank, actively cooperating with public and private organizations, has created an expert group. A green taxonomy has already been developed with the technical support of World Bank experts. We’ve recently completed public consultations on taxonomy with governmental agencies, industry associations, financial institutions, investors, international development partners, representatives of micro, small and medium enterprises (MSMEs), potential bond issuers and other key stakeholders. The next step is to submit the taxonomy to the government for approval. We look forward to completing the approval procedures in the near future. Finally, considering that this topic will be discussed for the first time at COP29, we plan, together with our global partners, to announce an initiative to adapt to the global taxonomy," Kazimov said.