BAKU, Azerbaijan, November 1. The Central Bank of Azerbaijan (CBA) plans to present a single taxonomy principle at the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), the CBA Executive Director Shahin Mahmudzade said at a press conference on the refinancing rate in Baku today, Trend reports.
Mahmudzade stated that the final stage of the taxonomy involved public consultations.
"About 200 stakeholders participated, including local and international organizations as well as public and private entities. Two of them stand out due to their significance. Our local taxonomy is already in an economic context, and we plan to present it in three areas," said the executive director.
He mentioned that two international organizations have worked together on adaptation and coordination with international taxonomies.
"One of them is the Sustainable Finance and Banking Network, and the other is the International Platform on Sustainable Finance. These two organizations span over 110 countries, and we are proud to report that we have already reached agreements with all of them, while the coordination process is still in progress. We plan to present the unified taxonomy principle at COP29," he added.
In a mere 10 days, Azerbaijan will host COP29, the decision about which was made at the COP28 plenary meeting held in Dubai on December 11 last year.
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. The COP takes place annually, unless the parties agree otherwise. The first COP event took place in March 1995 in Germany's Berlin with its secretariat in Bonnş.
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