BAKU, Azerbaijan, November 24. The Central Bank of Azerbaijan (CBA) has identified several strategic areas of activity within its sustainability agenda, the CBA Chairman Taleh Kazimov said in an article titled “Advancing sustainability post-COP29,” published in the Central Banking online journal, Trend reports.
He noted that these strategic areas of activity include, promoting the expansion of cooperation with international partners in order to strengthen and enhance institutional capacity in Azerbaijan’s financial sector; introducing and developing green financial products such as sovereign green bonds and green insurance to finance environmentally friendly projects and support sustainable public and private investments; implementing a comprehensive sustainability reporting framework in order to increase transparency, ensure environmental, social, and governance (ESG) accountability, and strengthen investor confidence; integrating ESG considerations and climate-risk factors into the banking regulatory framework, and to implement advanced tools such as an 'ESG risk radar' to facilitate the identification and management of systemic risks; and expanding cooperation between institutions and countries to promote effective analysis of climate risks. The challenges posed by climate change are global in nature and require a multi-faceted approach. Information exchange and joint action are not only beneficial but also essential.
“CBA is fully committed to playing a leading role in the development of a sustainable financial system. Through its initiatives, strong partnerships, and commitment to sustainability, the CBA aims not only to contribute to the green transformation but also to support and advance global climate action efforts. The CBA is determined to promote innovation in the field of green finance, to mitigate systemic risks created by climate change, and to build a future where economic prosperity and environmental sustainability coexist,” Kazimov emphasized.
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