BAKU, Azerbaijan, November 6. Baku has hosted a conference titled “For sustainable development of Azerbaijan: presentation of the Unified Platform and National Standard on Environmental, Social, and Corporate Governance (ESG)”, Trend reports.
The event saw the attendance of Sadig Gurbanov, the chairman of the Committee on Natural Resources, Energy, and Ecology of the Azerbaijani Parliament, along with Vladanka Andreeva, the UN Resident Coordinator in Azerbaijan, and a host of other officials.
Speaking at the event, Head of the Secretariat of the Business Environment and International Ratings Commission of Azerbaijan Vusal Shikhaliyev said that the country has already completed three out of five planned stages stipulated by the strategic document on environmental, social, and corporate governance (ESG), and the completion of the remaining two is expected shortly.
“Sustainable development and acceleration of economic growth in our country are determined by strategies approved by the head of state and are central to state programs. These programs set national priorities for socio-economic development, among which one of the five main tasks is to promote green growth. Based on these basic principles, the directions of state policy have been defined, covering environmental protection, social responsibility, and corporate governance, as well as the creation of a legal framework and ecosystem on ESG,” he noted.
Shikhaliyev mentioned that the strategic document on ESG was cooked up in Azerbaijan back in 2022 and got the green light from the state.
“This document outlines systemic measures categorized into five primary areas. We are pleased to announce that three of the five scheduled stages have been completed. The final two stages—incorporation of ESG concepts into the private sector and governmental activities, together with the establishment of assessment and monitoring tools—will be executed shortly,” Shikhaliyev added.
Deputy Minister of Ecology and Natural Resources of Azerbaijan, Vugar Karimov, said that Azerbaijani banks must consider environmental issues when lending.
"Azerbaijani banks, when granting loans, must consider not only economic factors but also environmental issues. Currently, it has become necessary to focus on environmental indicators when allocating financial resources. These steps will not only reduce carbon emissions but also strengthen Azerbaijan's economic sustainability," he emphasized.
Besides, Karimov mentioned that Azerbaijan will demonstrate its commitment to fight global climate change at the upcoming COP29.
“Azerbaijan will demonstrate its commitment to fighting global climate change at the upcoming COP29. Azerbaijan has put forward 14 key initiatives as part of its COP29 chairmanship. Our goal is to introduce new approaches and innovative solutions not only at the national but also at the global level. Through these initiatives, Azerbaijan will continue to support the transition to a green economy and maintain its leading position in the international arena. These steps will also strengthen the image of our country as a reliable and productive partner. The establishment of a climate finance fund that supports public and private investments in climate change adaptation, mitigation, and research projects is one of the key initiatives. This fund is particularly important for financing the elimination of the consequences of natural disasters in developing countries,” he noted.
According to him, the BICFIT (Baku Initiative for Climate Finance, Investment, and Trade) initiatives put forth by Azerbaijan during its COP29 chairmanship are designed to kickstart investments in green economy diversification and to pave the way for the development of pertinent policies, acting as a springboard for dialogue and the sharing of experiences.
“The goal of this initiative is to strengthen the connections between climate finance, investment, and trade. As part of the COP29 events, a day dedicated to the theme of “Finance, Investment, and Trade” on November 14 is scheduled to present these initiatives. Emphasizing the important role of business in this process is crucial, as a shift to sustainable business models is key to achieving global climate goals. The initiatives presented at COP29 will accelerate the transition to a green economy. Finally, we encourage businesses to seize every opportunity to transition to a sustainable economy, which will not only improve their competitiveness but also make a meaningful contribution to achieving global climate goals by promoting more sustainable and responsible operations,” he added.
Vladanka Andreeva said that COP29 will be a key event not only for the climate agenda but also for the implementation of the 2030 Sustainable Development Goals (SDG).
“COP29 will be a key event not only for the climate agenda but also for the implementation of the 2030 Sustainable Development Goals. The coming years will require decisive action - the window of opportunity is rapidly shrinking, and we are running out of time to make ambitious commitments and negotiate funding for these initiatives on a global scale, ensuring that no one is left behind. We need everyone's efforts. Businesses and the private sector must become part of this climate initiative. Your role in the years ahead will be significant, and we need to move now to keep global warming below 1.5°C,” she added.
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