Azerbaijani Banks Commit To Support Green Transition Within COP29 - CBA

10/3/2024 7:10:05 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 3. Azerbaijani banks have committed to supporting the green transition within the framework of COP29, Governor of the Central bank of Azerbaijan (CBA) Taleh Kazimov said at a roundtable discussion on "Creating the Highway for Private Finance" at ADA University as part of Baku Climate Action Week, Trend reports.

"Financial stability is extremely important to us. Without it, the financial sector cannot support the green transition. This is a very important issue. Other participants in the financial sector also recognize the need for concrete actions. We have already begun working in this direction. Only by joining forces can we achieve the green transition. Banks have commitments to environmental protection and ensuring economic growth. Despite all difficulties, there are numerous opportunities we must seize," he said.

Kazimov noted that the Central Bank understands its responsibility in the green transition.

"Financial stability remains a priority for us, but we are also obligated to support the entire financial sector. We have developed a taxonomy for green financing, which we will present to the market before COP29. New guidelines for financial institutions, especially banks, are being prepared. Given that banks dominate the financial sector, accounting for a significant share of the market, they must adhere to the new criteria," he added.

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