(MENAFN- Trend News Agency)
BAKU, Azerbaijan, November 15. The State Oil
Fund of the Republic of Azerbaijan (SOFAZ) hosted an impactful
event within COP29, focused on the integration of ESG
(Environmental, Social, and Governance) principles within its
investment portfolio, Trend reports.
The session, held in the COP29 Blue Zone, commenced with an
opening speech by Bahruz Bahramov, Deputy CEO of SOFAZ.
"We integrate ESG principles into the core of our investment
strategy, aiming to create lasting value for future
generations.
By prioritizing responsible investment, we strive to drive both
economic growth and social-environmental progress, ensuring a
positive and sustainable impact for years to come," Bahramov
said.
The session featured keynote presentations by Nigar Azizova,
Senior Investment Analyst, and Ali Huseynov, Risk Analyst - both
Sustainability Officers at SOFAZ. They outlined SOFAZ's approach to
integrating ESG considerations, aligning investments with
sustainability goals, addressing critical challenges such as
climate change and social inequality, and identifying pathways for
sustainable growth.
Through this event, SOFAZ reaffirmed its commitment to embedding
ESG principles at the center of its investment strategy,
reinforcing its role in shaping a responsible, sustainable, and
economically sound future.
The 29th session of the Conference of the Parties to the UN
Framework Convention on Climate Change (COP29), which will run
until November 22, opened at the Baku Olympic Stadium on November
11. It is the largest event organized by Azerbaijan to date, and
the first time in the region that it is being held in
Azerbaijan.
Within COP29, the highest level event - the summit of world
leaders on climate action - will be held on November 12–13.
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.
In addition to being a top priority that creates the conditions
for action, creating climate finance will also help fulfill the
1.5°C pledge by bringing everyone together.
The UN Framework Convention on Climate Change is an agreement
signed at the Rio Earth Summit in June 1992 to prevent dangerous
human interference in the climate system. The acronym COP
(Conference of Parties) stands for“Conference of Parties” and is
the highest legislative body overseeing the implementation of the
Framework Convention on Climate Change.
A total of 198 countries are parties to the Convention. Unless
otherwise decided by the parties, COP is held annually. The first
COP event was held in March 1995 in Berlin, and its secretariat is
located in Bonn.
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