BAKU, Azerbaijan, April 30. The Central Bank of Azerbaijan (CBA) has been admitted as a full member of the Central Banks and Supervisors Network for Greening the Financial System (NGFS), Trend reports, citing the CBA.
As a full member of the network, the Central Bank will participate in the activities of working groups and both contribute to and benefit from joint research in areas such as climate scenario analysis, green finance, climate stress testing, and the integration of sustainability factors into monetary policy and prudential supervision frameworks.
The bank’s membership is expected to further advance its sustainable finance agenda, including the implementation of a green taxonomy, the development of the green bond market, and the introduction of climate-related disclosures within the financial sector. This step also represents a key initiative under the Central Bank’s Sustainable Finance Roadmap and aligns with Azerbaijan’s national commitments under the Paris Climate Agreement, as well as its broader policy of transitioning toward a green and sustainable economy.
The NGFS is a global network that brings together central banks and supervisory authorities from various countries with the objective of enhancing the management of environmental and climate-related risks in the financial sector, promoting the exchange of best practices, and mobilizing financial flows to support the transition to a sustainable economy.
The Central Bank announced that it will continue to expand cooperation with international financial institutions in order to develop policies aligned with global challenges.