BAKU, Azerbaijan, July 3. The government of Azerbaijan plans to provide privileges to the companies following the Ecology, Society, and Governance (ESG) policy this year, Head of the Sector of the Department of Economic Policy and Industrial Issues of the Presidential Administration of Azerbaijan and Head of the Secretariat of the Business Environment and International Ratings Commission Vusal Shikhaliyev said, Trend reports.
He made the statement at the ESG Summit: Public-Private Partnership (PPP) for Sustainable Development Goals (SDG) in Baku.
Shikhaliyev emphasized the crucial role of integrating ESG elements into Azerbaijan's economy ahead of COP29.
"Conditions are being established in the country to encourage active participation in ESG practices. Enhancing the business environment to promote ESG elements remains a key priority for Azerbaijan," he added.
This November, Azerbaijan will host COP29. This decision was made at the COP28 plenary meeting held in Dubai on December 11 last year. Baku will become the center of the world and will receive about 70–80,000 foreign guests.
The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous human interference with the climate system. COP - the Conference of the Parties - is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change. There are 198 countries that are parties to the Convention. Unless the parties agree otherwise, the COP is held annually. The first COP event took place in March 1995 in Berlin, and its secretariat is located in Bonn.
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