Azerbaijan's Central Bank, IFC Collaborating On Creation Of Unified Taxonomy Principle

(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 18. The Central Bank of Azerbaijan and IFC are collaborating on the creation of a single taxonomy principle for 110 countries, Director General of the Central Bank of Azerbaijan Shahin Mahmudzade said at the forum on “Green finance and sustainable development” in Baku today, Trend report.

“There are 48 countries in the world that have a taxonomy, but each country is different. Whatever is considered green in one country may not be so in another, which creates difficulties for cross-border transactions. In this context, I would like to mention the initiative of the Central Bank of Azerbaijan and the special support of the IFC.

We are working on the creation of a single taxonomy principle for 110 countries, and we have already reached agreements with more than 80 countries. Our goal is to sign a document that will unite these countries. Of course, there cannot be a single taxonomy for the whole world, as each country has its own geographical and economic realities, but we aim for taxonomies with similar principles to be recognized globally,” he said.

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