Central Bank of Azerbaijan unveils strategic initiatives for COP29

Nazrin Abdul

At a press conference held at the Central Bank of Azerbaijan (CBA), General Director Shahin Mahmudzade outlined the institution's strategic initiatives in preparation for the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), Azernews reports.

Mahmudzade detailed the CBA’s multi-faceted approach, which includes several key areas of focus - Development of sustainable financial infrastructure; risk management systems; accountability framework; ecosystem preparation.

"The first area of focus is the development of sustainable financial infrastructure within the country. This involves establishing the legal framework for 'green' bonds and other sustainable financial instruments. The second area is the formation of risk management systems specifically related to sustainable finance. The third area involves defining accountability mechanisms. The fourth area is preparing the ecosystem for the effective use of sustainable financial instruments. We have accelerated our agenda in relation to COP29," he said.

Mahmudzade emphasized the accelerated efforts related to COP29, noting that the CBA is actively working to support the event as the host country. This includes organizing joint initiatives with banks and Baku Stock Exchange CJSC to explore how Azerbaijan can contribute to the international market of sustainable finance.

"Another key aspect is to support the formation of initiatives as the host country of the event. We plan to hold joint events with banks and Baku Stock Exchange CJSC to explore how we can contribute to the international market of sustainable finance rather than just the local market," the CBA official added.