Baku: Azerbaijani banks have so far issued AZN 300 million in green loans as part of an initiative to support the country’s transition to a green economy. The Azerbaijani banking sector has voluntarily committed 2 billion manats towards this transition by 2030, which was announced during COP29, revealed Shahin Mahmudzadeh, Director General of the Central Bank of Azerbaijan, on the opening day of the II Baku Climate Action Week (BCAW).

According to Azeri-Press News Agency, Mahmudzadeh stated that local banks have distributed approximately 13,000 loans to support green economic activities, with a total volume reaching 300 million manats. He emphasized that while the green transition is a complex and long-term process, the current efforts and dynamics being established are expected to have a lasting impact.