As the Central Bank, the creation of green finance is a priority for us, Taleh Kazimov, the chairman of the Central Bank of Azerbaijan, said at the forum on Green Finance and Sustainable Development held in Baku, APA-Economics reports.
He stated that the Sustainable Finance Roadmap for 2023-2026 has been prepared. It aims to strengthen the finance sector's role in sustainable development. Preparation of the Green Finance Taxonomy, which is one of the important initiatives within the framework of the Roadmap, has been started: "We have concluded the taxonomy consultations with all our partners, including government agencies, industry associations, financial institutions, investors, and international organizations. At the next stage, the final draft of the taxonomy is supposed to be submitted to the government for approval."
Note that the main purpose of the Taxonomy is to reduce the impact of climate change, ensure adaptation to these changes, and restore and protect the ecosystem.
The CBA chair also stressed that a legal base has been developed that ensures compliance with globally recognized standards and principles by thoroughly reviewing advanced international practices in the field of green bonds. The project has already been submitted to the government. Additionally, guidelines for managing climate-related risks have been prepared
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