BAKU: The Central Bank of Azerbaijan (CBA) is poised to enhance green finance within the country by introducing a new taxonomy, pending government approval. This move was announced by Taleh Kazimov, chairperson of the CBA, during the “Green finance and sustainable development” forum in Baku, according to Trend News Agency.

According to Trend News Agency, Kazimov revealed that the Central Bank of Azerbaijan has already endorsed a roadmap for the development of sustainable finance earlier in 2023. “One of the first steps in this direction was the creation of a taxonomy of green finance. This document is already ready and has been discussed with government agencies, investors, international financial institutions, and industry associations. At the next stage, the final draft of the taxonomy is expected to be submitted to the government for approval,” he stated.

The taxonomy aims to classify economic activities based on green standards, which would facilitate greater support for sustainable and environmentally
friendly investments. This initiative aligns with comments from Mukhtar Babayev, the Minister of Ecology and Natural Resources of Azerbaijan and President of COP29, emphasizing the taxonomy’s role in boosting eco-friendly business practices throughout the nation.