BAKU: The United Nations in Azerbaijan has expressed its readiness to collaborate with national stakeholders and the private sector to promote green finance, aiming to accelerate the achievement of the Sustainable Development Goals (SDGs). This announcement was made by 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, Hayat highlighted the increasing global recognition of the importance of green and sustainable finance in advancing the SDGs and addressing climate action. The forum emphasized the critical role of finance in achieving the 1.5-degree target set by the Paris Agreement, a focal point of the upcoming COP29 in Baku.

“The global community is increasingly realizing the importance of green and sustainable finance for making significant progress towards the Sustainable Development Goals (SDGs) and climate action. As we know, the focus at COP29 in Baku will also be on finance, which i
s desperately needed to meet the 1.5-degree target of the Paris Agreement. The UN in Azerbaijan is ready and committed to working with national partners and the private sector to help promote green finance to accelerate the achievement of the SDGs,” Hayat stated.

In a related development, the Central Bank of Azerbaijan is in the process of developing a taxonomy of green finance. The bank has conducted consultations with government agencies, industry associations, financial institutions, investors, and international organizations on the initial version of the taxonomy. The next step involves submitting the final draft of the taxonomy to the government for approval, marking a significant step towards formalizing the framework for green finance in the country.