BAKU: The Central Bank of Azerbaijan is actively supporting the development of insurance products tailored to renewable energy and climate-related risks, as stated by Governor Taleh Kazimov during the “Green finance and sustainable development” forum in Baku.

According to Trend News Agency, Governor Kazimov emphasized the importance of this initiative as part of the country’s broader commitment to sustainable development. He highlighted that the insurance sector in Azerbaijan is a crucial player in the implementation of sustainability initiatives. The Central Bank, in collaboration with the government, is focusing on enhancing insurance services in areas such as renewable energy, climate risks, eco-auto, and agricultural insurance.

Governor Kazimov noted the role of the insurance sector in fostering a sustainable financial environment. “The insurance sector is also actively involved in the implementation of sustainability initiatives,” he said, pointing out the strategic development of specific insurance pr
oducts that cater to the emerging needs of the renewable energy sector and climate-related challenges.

The forum where this announcement was made serves as a platform for discussing the integration of green finance principles into the local financial system, aligning with global sustainability goals. The presence of 17 insurance companies and one reinsurance company in Azerbaijan underscores the sector’s capacity and readiness to support these initiatives.