Azerbaijan To Present New Voluntary National Review On Climate Agenda At UN Headquarters

(MENAFN- Trend News Agency) BAKU, Azerbaijan, July 3. Azerbaijan will present its fourth voluntary national review (VNR) of actions on the climate agenda in New York at the UN headquarters on July 15, the country's Deputy Economy Minister Sahib Mammadov said, Trend reports.

He made the statement at the ESG Summit: Public-Private Partnership (PPP) for Sustainable Development Goals (SDG) in Baku today.

"We'll be one of five countries in the world to present the fourth voluntary report on climate commitments in New York on July 15. We are also among the few countries in the world that have presented seven national reports on sustainable development," emphasized Mammadov.

Touching on the topic of today's ESG summit, he noted that proper governance is a fundamental pillar of Azerbaijan's sustainable development program.

According to him, by implementing the "2030 Agenda for Sustainable Development Goals," the government not only creates prospects for inclusive and sustainable economic growth but also opens new opportunities for strengthening multilateral cooperation with the private sector.

"By establishing partnerships with private sector leaders who share our values, we strengthen governance systems and uphold the highest standards of corporate responsibility," the deputy minister said.

Regarding accountability and transparency in ESG (environmental, social, and governance), Mammadov said that implementing ESG principles involves integrating sustainable and responsible business practices into the country's corporate and financial systems.

"The government of Azerbaijan recognizes the crucial importance of ESG factors for businesses, investors, and policymakers as they assess the long-term viability and impact of economic activities. In this context, last year the Ministry of Economy launched a project in collaboration with UNDP to promote the ESG system in Azerbaijan," the deputy minister said.

Mammadov mentioned that the goal of this project is to foster responsible corporate behavior, ultimately supporting the Azerbaijani government in optimizing resource allocation for national development goals in line with the 2030 Agenda.

"The project aims to create an Integrated National Financing Framework (INFF) to assist the Azerbaijani government in effectively managing and mobilizing private, public, and international financing to achieve sustainable development outcomes," he explained.

The official also said that ESG serves as a platform for intensifying actions and accelerating progress towards achieving the SDGs.

"Through dialogue, cooperation, and shared responsibility, we can unlock new growth opportunities while protecting our planet and improving the well-being of all people," added the deputy minister.

To note, the previous, third VNR on sustainable development was presented by Azerbaijan at the High-Level Political Forum (HLPF) in July 2021, outlining the country's progress and challenges in implementing the SDGs, with a focus on building back better from the COVID-19 pandemic, fostering economic growth, and promoting sustainable development​.

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