BAKU: A significant forum on “Green finance and sustainable development” was hosted in Baku, gathering key stakeholders to advance the country’s environmental and economic objectives, Trend reports.
According to Trend News Agency, the event saw the participation of notable entities including the Central Bank, the Ministry of Ecology and Natural Resources of Azerbaijan, the UN Office in Azerbaijan, and various associations related to banking, microfinance, stock market, insurance, and fintech. The forum served as a platform for discussing the integration of sustainability into the financial sector.
During the opening ceremony, Taleh Kazimov, the Chairman of the Central Bank, highlighted the ongoing efforts to establish a legislative framework for “green” bonds in Azerbaijan. “One of the initial steps was the creation of a taxonomy of green finance. At the next stage, the final draft of the taxonomy is expected to be submitted to the government for approval,” Kazimov stated.
He also noted the active involvem
ent of the insurance sector in sustainability initiatives, with a focus on developing renewable energy insurance, climate risk insurance, eco-auto insurance, and agricultural insurance. This indicates a broader effort by the Central Bank and the government to bolster the insurance sector’s role in sustainable development.
Adding to the discussions, Mukhtar Babayev, Azerbaijan’s Minister of Ecology and Natural Resources and COP29 President-designate, expressed Azerbaijan’s commitment to leading global sustainability processes. “This year Azerbaijan will preside over COP, and in the future, we will be the most active participant in this process. Leadership and innovative proposals from the banking sector are crucial,” Babayev emphasized.
Nasar Hayat, the UN Resident Coordinator in Azerbaijan, reiterated the commitment of the UN in Azerbaijan to collaborate with national and private sector partners to promote green finance, essential for achieving the Sustainable Development Goals (SDGs) and addressing climate
change. “The forum is a critical component in the dialogue on sustainable finance ahead of COP29. Our collective efforts are aimed at ensuring economic development that is in harmony with environmental sustainability,” Hayat explained.
The forum in Baku underscores Azerbaijan’s proactive stance on green finance and sustainable development, setting the stage for its leadership at the upcoming COP29 and beyond.