IFC Outlines Key Challenges In ESG Issues In South Caucasus
Date
11/6/2024 5:13:38 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, November 6. The South
Caucasus will have to shift the perception of the ESG approach, the
regional ESG expert of the International Finance Corporation (IFC)
Boris Janjalia said at the conference“For sustainable development
of Azerbaijan: presentation of the Unified platform and National
Standard on Environmental, Social, and Corporate Governance (ESG)”,
Trend reports.
“There are several common challenges in the South Caucasus.
First and foremost is perception: in the region, ESG is often
perceived as an additional burden and requirement, which limits its
implementation. However, ESG is also about new opportunities.
The second important challenge is small and medium-sized
enterprises (SMEs), which play a key role in the region's economy.
SMEs make a significant contribution to national economies, so it
is important to focus efforts specifically on supporting them in
the transition to ESG. The introduction of strict regulatory
requirements here can be detrimental to business, so SMEs need a
gradual, phased approach. It should start with voluntary measures,
gradually moving to more stringent requirements as companies are
ready.
''This process needs a careful approach and close cooperation
with business and industry. Financial institutions play a key role
here, as they work with clients and understand their needs and
problems,” Janjalia noted.
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