Azerbaijani Central Bank Plans To Present Single Taxonomy Principle At COP29
Date
11/1/2024 5:14:07 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, November 1. The Central Bank
of Azerbaijan (CBA) plans to present a single taxonomy principle at
the 29th session of the conference of the Parties to the UN
Framework convention on Climate Change (COP29), the CBA Executive
Director Shahin Mahmudzade said at a press conference on the
refinancing rate in Baku today, Trend reports.
Mahmudzade stated that the final stage of the taxonomy involved
public consultations.
"About 200 stakeholders participated, including local and
international organizations as well as public and private entities.
Two of them stand out due to their significance. Our local taxonomy
is already in an economic context, and we plan to present it in
three areas," said the director general.
He mentioned that two international organizations have worked
together on adaptation and coordination with international
taxonomies.
"One of them is the Sustainable Finance and Banking Network, and
the other is the International Platform on Sustainable Finance.
These two organizations span over 110 countries, and we are proud
to report that we have already reached agreements with all of them,
while the coordination process is still in progress. We plan to
present the unified taxonomy principle at COP29," he added.
In a mere 10 days, Azerbaijan will host COP29, the decision
about which was made at the COP28 plenary meeting held in Dubai on
December 11 last year.
The United Nations Framework Convention on Climate Change is an
agreement signed at the Earth Summit in Rio de Janeiro in June 1992
to prevent dangerous human interference with the climate system.
COP-the Conference of the Parties-is the highest legislative body
overseeing the implementation of the Framework Convention on
Climate Change. There are 198 countries that are parties to the
Convention. The COP takes place annually, unless the parties agree
otherwise. The first COP event took place in March 1995 in
Germany's Berlin with its secretariat in Bonnş.
MENAFN01112024000187011040ID1108840995
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.