Baku: Azerbaijan’s banking sector has already allocated 330 million manats for sustainable projects within the framework of COP29, the Chairman of the Central Bank of Azerbaijan (CBA), Taleh Kazimov, said, APA-Economics reports.

According to Azeri-Press News Agency, Kazimov noted that under the ‘sustainable finance commitment’ announced by the sector for COP29, Azerbaijani banks have pledged to allocate two billion manats for the development of green and sustainable projects by 2030. In just the first half of 2025, 330 million manats, which is 17% of the total commitment, has already been mobilized.

The CBA chairman emphasized that these investments reflect the economic responsibilities of the banking sector and its dedication to environmental sustainability and social responsibility.

Kazimov mentioned that the Central Bank has taken a leading role in implementing key national and international initiatives aimed at contributing to the COP29 climate action agenda. As part of this effort, the Bank approved the national ‘Green Taxonomy’ document ahead of COP29, developed in cooperation with more than 15 public and private institutions. The adoption of the taxonomy is seen as a significant step in mobilizing financing for green and sustainable projects in the country.

The CBA has also introduced the ‘Roadmap for Enhancing Interoperability and Comparability of Sustainable Finance Taxonomies’ in cooperation with international financial institutions.

According to Kazimov, these initiatives ensure a systematic and targeted contribution from the financial sector to the COP29 agenda.