BAKU, Azerbaijan, May 22. The Central Bank of Azerbaijan (CBA) is drafting a 'green' securities issuance law, Deputy Head of the State Tax Service under the Ministry of Economy of Azerbaijan Samira Musayeva told Trend.
"The CBA is preparing a draft law on the issuance of securities related to the rapid process of green transformation in the country's financial sector to stimulate the development of the green economy in Azerbaijan," Musayeva said.
According to her, some companies lack the financial resources to cover climate risks and meet climate-related goals.
"The CBA will issue 'green' bonds for this purpose," she explained.
The official mentioned that the government is also considering providing financial support to companies that are willing to commit to reducing greenhouse gas emissions.
Musayeva emphasized that the national Tax Code already includes substantial tax incentives for residents of technoparks employing modern 'green' technologies.
"The country offers three-year tax benefits for startups, as well as tax incentives for suppliers of electric and hybrid vehicles," she added.
She also pointed out that taxes have been reduced by 50 percent for companies that use alternative energy sources or recycle waste.
