BAKU: The United Nations and the Central Bank of Azerbaijan are working together to foster green financing initiatives, aiming to promote a more harmonious economic development, said Nasar Hayat, the acting UN Resident Coordinator in Azerbaijan, during the “Green finance and sustainable development” forum held in Baku.
According to Trend News Agency, this collaboration focuses on aligning Azerbaijan’s economic activities with sustainable development goals (SDGs). In a recent initiative under the UN Joint SDG Financing Program, which involves the UN Development Programme (UNDP) and the UN Population Fund (UNFPA), a comprehensive SDG investment map for Azerbaijan was developed. This map highlights key sectors and areas poised for accelerated SDG implementation and presents viable investment opportunities for the private sector. Furthermore, a study was conducted to analyze the social impact investing ecosystem, identifying essential elements needed to expand the culture of impact investing within the country.
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asar Hayat emphasized the critical role of innovation and collaboration in transitioning to a green economy. “The global shift towards sustainable finance requires not only innovative financial mechanisms, such as the issuance of green bonds, but also strong partnerships across different sectors,” he stated. The forum in Baku, organized by the Central Bank of Azerbaijan in partnership with the UN and major financial associations, is deemed a significant step towards enhancing the dialogue on sustainable finance, particularly in the lead-up to the COP29 conference.
Hayat highlighted that the efforts in green finance are geared towards building a future where environmental and economic advancements are in sync. “The partnerships we forge here are vital for ensuring that Azerbaijan continues to play a leading role in the global pursuit of sustainable development. Through dialogue and cooperation, we aim to establish green finance as a cornerstone of our collective future, addressing climate change challenges an
d achieving the SDGs without leaving anyone behind,” he added.