Azerbaijan's ASCO Holds Final Meeting On Climate Corporate Governance Project (PHOTO)

(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 19.​ A final meeting was held at Azerbaijan's ASCO, one of the companies under AZCON Holding, within the framework of the Climate-related Corporate Governance (CCG) project, with representatives from the European Bank for Reconstruction and Development (EBRD) and the consulting firm Ernst & Young (EY) present, a source in ASCO told Trend .

The meeting focused on ASCO's preparedness for climate-related risks and opportunities and the integration of these factors into the company's strategic development plans and long-term goals. The “CCG Action Plan” and the“Sustainability-Linked Loans (SLL) Action Plan” developed under the project were presented.

The CCG project aims to enhance ASCO's consideration of climate-related risks and opportunities and align its decision-making and planning processes with international standards. The“CCG Action Plan” is designed to support ASCO's transition towards operations in line with the goals of the Paris Agreement.

One of the core components of the project is the Sustainability-Linked Finance Framework (SLFF), which facilitates ASCO's access to financial instruments such as sustainability-linked loans (SLLs) and bonds (SLBs) in international financial markets. This will enable the company to attract the financial resources needed to achieve its climate goals under more favorable conditions.

The meeting also included a presentation and discussion of climate risk scenario analysis, assessments of physical and transition risks, and the results of a corporate governance review based on TCFD (Task Force on Climate-related Financial Disclosures) recommendations and the EBRD's CCG Assessment Methodology.

The“Azerbaijan Caspian Shipping” Joint-Stock Company merged the country's main fleets, the Azerbaijan State Caspian Sea Shipping Company and the State Oil Company of the Azerbaijan Republic's Caspian Sea Oil Fleet. The“Azerbaijan Caspian Shipping” CJSC has two shipyards and offshore support and commercial fleets. The merchant fleet has 51 ships: 20 tankers, 12 ferries, 16 dry cargo, 1 Ro-Ro, and 2 Ro-Pax. By integrating maritime fleets, the “Azerbaijan Caspian Shipping” CJSC takes on high-level responsibilities.

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