Azerbaijan's Central Bank To Develop Functional Ecosystem For Green Financing - Official

11/14/2024 2:12:56 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 14. The Central Bank will develop a functional ecosystem for green financing, the Chairman of the Central bank of Azerbaijan Taleh Kazimov said at a panel discussion on“Global financial System: Scaling Up Financing for Climate Action," Trend reports.

“We are committed to promoting a green transition in Azerbaijan. Therefore, climate issues are integrated into our national development strategy. One of the five priorities of Azerbaijan's national socio-economic development plan until 2030 is to achieve green growth for our country. Moreover, 2024 has been declared by our President as the Green World Solidarity Year in Azerbaijan. This decision emphasizes the importance of international solidarity in the fight against climate change and related risks. According to the socio-economic strategy for 2022-2026, the share of renewable energy in the total energy balance should be increased by 24 percent by 2026. As part of this strategy, the Central Bank of Azerbaijan has adopted a sustainable finance roadmap that will lead to several important conditions. First, we will develop a functional ecosystem for green finance, including definitions, data, and regulations. We will facilitate the transformation of financial institutions' business models and strategies towards sustainable and green finance. The roadmap will also support the transition to a low-carbon economy,” he said.

To note, the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) started in Baku on November 11. 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 in the climate system.

A total of 198 countries are Parties to the Convention. Unless the parties decide otherwise, the COP is held annually. The first COP event took place in March 1995 in Berlin, and its secretariat is located in Bonn.

The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantitative Goal (NCQG) on climate finance. The COP29 chairmanship has launched 14 initiatives that include linkages between climate action and the Sustainable Development Goals, including green energy corridors, green energy storage, harmony for climate resilience, clean hydrogen, methane reduction in organic waste, action on green digital technologies, and other topics.

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