BAKU, Azerbaijan, October 18. A forum titled “Green finance and sustainable development” has been in Baku, Trend reports.
The forum was attended by representatives of the Central Bank, the Ministry of Ecology and Natural Resources of Azerbaijan, the UN Office in Azerbaijan, the Association of Banks, the Microfinance Association, the Association of Stock Market Participants, the Association of Insurers and the Azerbaijan Fintech Association.
In the course of the opening ceremony of the forum, Central Bank Chairman Taleh Kazimov emphasized that currently the legislative framework for the issue of “green” bonds is being approved by the Azerbaijani government.
Kazimov added that the final draft of the taxonomy is expected to be submitted to the government for approval at the next stage.
“One of the first steps in this direction was the creation of a taxonomy of green finance. The Central Bank, together with government agencies, industry associations, financial institutions, investors and international organizations, held consultations on the initial version of the taxonomy. At the next stage, the final draft of the taxonomy is expected to be submitted to the government for approval,” he said.
The Chairman noted that Azerbaijan pays attention to the development of such segments as renewable energy insurance, climate risk insurance, and eco-auto insurance.
“The insurance sector is also actively involved in the implementation of sustainability initiatives. The Central Bank, together with the government, actively supports the activities of the insurance sector in this direction. In particular, attention is paid to the development of segments such as renewable energy insurance, climate risk insurance, eco-auto insurance, and agricultural insurance," he explained.
Meanwhile, Mukhtar Babayev, Azerbaijan's Minister of Ecology and Natural Resources and COP29 President-designate, stated that Azerbaijan will be the most active participant in the subsequent COP processes.
“This year Azerbaijan will preside over COP, as well as generally lead global processes, and in the future, Azerbaijan will be the most active participant in this process. Leadership and good examples are expected from our country, and, of course, creative and interesting proposals and ideas are also awaited from the banking sector," he said.
In turn, the UN Resident Coordinator in Azerbaijan Nasar Hayat emphasized that the UN in Azerbaijan is ready and committed to working with national partners and the private sector to promote green finance to accelerate the achievement of the SDGs.
“The global community is increasingly realizing the importance of green and sustainable finance to make significant progress towards the Sustainable Development Goals (SDGs) and climate action. As we know, the focus at COP29 in Baku will also be on finance, which is desperately needed to meet the 1.5-degree target of the Paris Agreement. “The UN in Azerbaijan is ready and committed to working with national partners and the private sector to help promote green finance to accelerate the achievement of the SDGs,” he said.
According to him, the work of the UN and the Central Bank of Azerbaijan in the field of green finance is aimed at the harmonious development of the economy.
“The global transition to sustainable finance requires creative solutions, be it green bond issuance, innovative financial mechanisms, or partnerships across sectors. Today's forum, organized by the Central Bank of Azerbaijan in cooperation with the UN and key financial associations, is an important contribution to the dialogue on sustainable finance on the eve of COP29. Our work on green finance is not just about numbers or investment; it is about creating a future in which both the environment and the economy develop harmoniously. The partnerships we build here will be critical moving forward, ensuring Azerbaijan's leadership role in advancing sustainable development efforts on the global stage. Together, through dialog and cooperation, we can make green finance the foundation of our common future, meeting the challenges of climate change and achieving the Sustainable Development Goals, leaving no one behind,” Nasar Hayat added.
