BAKU, Azerbaijan, November 14. A panel discussion organized by the Central Bank of Azerbaijan on the topic "Advancing Sustainable Finance Across the Globe: Roadmap Towards Interoperability and Comparability of Sustainable Finance Taxonomies" is being held within the Finance, Investment, and Trade Day at COP29, Trend reports.
The Chairman of the Central Bank of Azerbaijan Taleh Kazimov said that the roadmap for promoting the compatibility and comparability of sustainable finance taxonomies identifies three key elements.
“The roadmap highlights three key elements that are critical for alignment: defining a common set of economic activities - special attention is paid to the decarbonization process, especially for emerging markets and developing economies; developing common technical approaches for alignment with the principles of the taxonomies and core criteria in line with the G20 guidelines; and formulating common approaches to financing the transition through the taxonomies. The need to go beyond 'pure green' investments by supporting transition activities, especially in high-emitting sectors, is recognized,” he said.
Then he added that the green taxonomy will open up great opportunities for scaling up climate finance, effectively mobilizing capital, and accelerating the transition to a green economy.
“Let me emphasize the progress on green taxonomies at the national level. We have already adopted a green taxonomy with the active participation of various government agencies, financial industry associations, and international financial organizations. This initiative will open up great opportunities to scale climate finance, effectively mobilize capital, and accelerate the transition to a green economy. I would like to take this opportunity to express my special thanks to the World Bank for its technical assistance in developing the taxonomy,” he said.
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