BAKU, Azerbaijan, November 6. Azerbaijani banks must consider environmental issues when lending, Deputy Minister of Ecology and Natural Resources of Azerbaijan Vugar Karimov said at the conference "For sustainable development of Azerbaijan: presentation of the Unified Platform and National Standard for Environmental, Social, and Corporate Governance (ESG)" in Baku today, Trend reports.
"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.
More detailed information about the “Unified Digital Platform for ESG Standards” can be found here.
To note, the volume of loans issued in the capital and regions of Azerbaijan increased by 4.4 billion manat ($2.5 billion), or 19.86 percent compared to the same period of 2023, amounting to 26.7 billion manat ($15.7 billion) as of September 30, 2024. The average annual interest rate in the country amounted to 13 percent; in Baku, it was 11.65 percent.
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