BAKU, Azerbaijan, March 7. SOCAR (State Oil Company of the Azerbaijan Republic) Green Bonds initiative will facilitate the integration of innovative technologies, promote the efficient use of resources, and enhance energy efficiency across key sectors of the economy, Mikayıl Cabbarov, Azerbaijan’s Minister of Economy, said in a post on his X page, Trend reports.
"We participated in the event marking the successful completion of the subscription for SOCAR Green Bonds.
Azerbaijan consistently demonstrates its steadfast commitment to the global climate agenda. The Green Bonds project represents a significant milestone in advancing the objectives set forth during COP29, contributing to climate security and the development of a sustainable energy ecosystem. This initiative will facilitate the integration of innovative technologies, promote the efficient use of resources, and enhance energy efficiency across key sectors of the economy.
The high level of interest from investors underscores SOCAR’s reliability as a partner in the international market. With a total volume of $200 million, these bonds represent the largest issuance in the country’s history.
We extend our sincere gratitude to everyone who contributed to the preparation and successful implementation of this project," the post reads.
A green bond is a fixed-income security designated to generate funds for climate and environmental initiatives. It is generally asset-linked and supported by the issuing entity's balance sheet; hence, it normally possesses the same credit rating as the issuer's other financial obligations. They are granted by governmental, corporate, or multilateral bodies to procure financing for activities that foster a more sustainable economy and yield measurable climate, environmental, or other advantages.
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