The banking sector of Azerbaijan undertakes a commitment of 2 billion manats related to climate change.
This was stated by Zakir Nuriyev, President of the Public Union "Azerbaijan Banks Association", at the "Global Financial System: Climate Action" organized within the framework of the 29th session of the Conference of the Parties (COP29) of the UN Framework Convention on Climate Change, which will be held in Baku from November 11 to November 22. expansion of financing for
"These funds will be directed to the implementation of sustainable and green projects," he said.
It should be recalled that according to the World Bank, approximately 44 billion US dollars will be required to significantly reduce Azerbaijan's carbon emissions by 2060, and part of this investment is expected to come from the private sector, including banks.
Z. Nuriyev said that the Central Bank of Azerbaijan, as the regulator of the financial sector, has already taken active steps by adopting the Sustainable Financial Roadmap for 2023-2026: "This road map presents a strategic vision for the transition of the banking sector to sustainable finance".
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