(MENAFN- Trend News Agency) BAKU, Azerbaijan, March 17. Clean
environment and green growth are the essence of Azerbaijan's
national priorities, Rustam Tahirov, Head of Financial Stability
Department of the Central Bank of Azerbaijan (CBA), trend reports.
He made the remark at a panel discussion themed 'Green
Investment Schemes: Options and Issues' as part of the 'Green
Hydrogen: Path to Decarbonization' seminar.
'Azerbaijan's sustainable development agenda includes
issues of increasing the use of renewable energy sources, as well
as bringing the financial sector in line with national sustainable
development goals,' Tahirov said.
According to him, sustainable finance is a new
paradigm aimed at adapting the financial sector to the risks
associated with ESG factors (environmental, social, and
Tahirov noted that the CBA approved the road map on
sustainable financing for 2023–2026 in February 2023.
'The objectives of the roadmap are to ensure the
resilience of financial institutions to risks arising from climate
change and other ESG factors, as well as to implement the
opportunities associated with the transition to a sustainable
economy. According to the roadmap, the following strategic
potentials are highlighted: capacity building in the field of
sustainable finance, building ecosystems of sustainable financial
flows; integrating climate change and ESG factors into risk
management; and ensuring transparency and market discipline in
financial markets,' he said.
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