BAKU, Azerbaijan, December 3. Azerbaijani banks must work out strategies to support development based on environmental, social, and governance (ESG) standards, Executive Director of the Center for Analysis of Economic Reforms and Communication Vusal Gasimli said at the 8th International Banking Forum today, Trend reports.
"Banks in Azerbaijan rank among the main pillars of the country's economy and must develop strategies that support growth based on ESG standards for sustainable banking. Banks can contribute to the future of society by promoting 'green finance' and sustainable projects.
The Central Bank of Azerbaijan adopted the green taxonomy at the right time to implement the strategic goals of sustainable development and the 'green' transition in the financial sector. This document defines the types, subtypes, and technical classification criteria for green activities across economic sectors, covering 10 sectors," he pointed out
To note, the 8th International Banking Forum is in full swing over two days in the bustling city of Baku, Azerbaijan, and the key topics of the forum include digital transformation (digital and neobanks), strategies for data management and analytics, the evolution of the payment landscape (transition to contactless technologies), instant, seamless, and compatible international payments, the revolution of decentralized finance (DeFi), cloud systems and alternatives to outdated technologies, digitalization through the lens of cybersecurity, stability and resilience, and green and sustainable banking (ESG).
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