IBA named main partner bank for COP29, emphasizing commitment to climate finance

The International Bank of Azerbaijan (IBA), one of the largest financial institutions in Azerbaijan, has been selected as the main partner bank of COP29, Azernews reports, citing the COP29 Azerbaijan Operating Company.

This highlights the promotion of sustainable practices in the financial sector by the COP29 Azerbaijan Operating Company. IBA, headquartered in Baku and with 84 branches across the Republic of Azerbaijan, serves more than 2.6 million customers and is one of the leading banks in the South Caucasus region,

The report indicated that the International Bank of Azerbaijan demonstrated its commitment to climate action by signing the UN Global Compact, which promotes the principles of corporate social responsibility and sustainable development. As a member of this agreement, IBA supports the UN Sustainable Development Goals (SDGs) and Environmental, Social, and Corporate Governance (ESG) standards. IBA has also begun the process of accrediting with the Green Climate Fund, the financial mechanism of the UN Framework Convention on Climate Change (UNFCCC).

One of the main issues on the agenda of COP29 this year is climate finance. Therefore, IBA intends to use its platform as an official partner of COP29 to confirm its important role in closing the climate finance gap. The bank has managed to collect more than AZN 100 million in stable loans and has formed a project portfolio worth hundreds of millions of AZN. Currently, these funds are directed toward projects in renewable energy, green infrastructure, and sustainable technologies.

This year’s partnership with COP29 reflects the ambitions of IBA aimed at sustainable development and the rational use of resources.

Taking advantage of the opportunities created within the framework of the event, the official partners of COP29 will participate in activities related to global climate policy, bring sustainability efforts to the forefront, and support climate action in their core business areas. By being a partner of COP29 in Baku, these companies will be able to demonstrate the important and decisive role they play in implementing environmental policies and supporting the global community in achieving the 1.5°C goal.

In the Green Zone, COP29's dedicated space for the private sector, a number of global companies showcasing climate-focused solutions will expand their connections and climate activities through various programs, including presentations, workshops, and networking. Participating companies will also be able to organize their events using conference halls and various meeting rooms in a theatrical audience format for wider recognition, as well as to establish cooperation and mutual relations.

Narmin Carchalova, Chairman of the Board of Management of COP29 Azerbaijan Operating Company and Chief Executive Officer for Operations, commented on IBA's selection as the main partner bank: "I am very pleased to announce that the International Bank of Azerbaijan has been chosen as the main partner bank of COP29. Climate finance is one of the priority issues at COP29, and therefore IBA plays an important role in discussing this critical topic alongside our other partners and in bringing together stakeholders from the financial and investment sectors."

In announcing the partnership with COP29, Abbas Ibrahimov, Chairman of the Board of the International Bank of Azerbaijan, noted: "As the main partner bank of COP29, IBA further strengthens its commitment to addressing the existing gap in climate finance. Climate change is no longer just an environmental problem; it is a pressing reality that threatens our socio-economic stability. To overcome this challenge, the banking sector must take proactive steps. With the insights gained and the partnerships forged at COP29, we are determined to advance environmental, social, and economic sustainability like never before. We can create a sustainable future by building an economic model that harmoniously unites business, society, and our planet."