BAKU, Azerbaijan, March 17. Clean environment and green growth are the essence of Azerbaijan's national priorities, Rustam Tahirov, Head of Financial Stability Department of the Central Bank of Azerbaijan (CBA), Trend reports.
He made the remark at a panel discussion themed "Green Investment Schemes: Options and Issues" as part of the "Green Hydrogen: Path to Decarbonization" seminar.
"Azerbaijan's sustainable development agenda includes issues of increasing the use of renewable energy sources, as well as bringing the financial sector in line with national sustainable development goals," Tahirov said.
According to him, sustainable finance is a new paradigm aimed at adapting the financial sector to the risks associated with ESG factors (environmental, social, and governance).
Tahirov noted that the CBA approved the road map on sustainable financing for 2023–2026 in February 2023.
"The objectives of the roadmap are to ensure the resilience of financial institutions to risks arising from climate change and other ESG factors, as well as to implement the opportunities associated with the transition to a sustainable economy. According to the roadmap, the following strategic potentials are highlighted: capacity building in the field of sustainable finance, building ecosystems of sustainable financial flows; integrating climate change and ESG factors into risk management; and ensuring transparency and market discipline in financial markets," he said.