By Akbar Novruz

"The Central Bank of Azerbaijan is developing a 'green taxonomy' to advance green finance," said Mukhtar Babayev, COP29 President-Designate and Azerbaijan’s Minister of Ecology and Natural Resources, Azernews reports.

M. Babayev made this statement while addressing the conference on "The Role of Small and Medium Business in the Green Economy" in Baku.

He explained that the development of the taxonomy will classify economic activities based on green standards, allowing enterprises to receive more support for sustainable and environmentally friendly investments.

“This process will allow SMEs to more effectively use available financial resources to finance their green transition,” the minister added.