Azerbaijan’s CBA unveils "Green" roadmap, aims for global taxonomy at COP29

The Central Bank of Azerbaijan (CBA) is advancing its "Roadmap" for sustainable development, focusing on promoting "green" lending and mitigating climate-related risks, Azernews reports.

At a press conference, CBA Chairman Taleh Kazimov outlined that the "Roadmap" will establish a taxonomy and regulations for "green" loans and bonds, with completion expected by September-October 2024. Sustainable development is a key priority for the CBA.

CBA General Director Shahin Mahmudzadeh revealed that Azerbaijan aims to introduce its "green" taxonomy project at COP29. This initiative seeks to harmonize global taxonomy standards for "green" bonds and loans, addressing the current lack of international coordination.

Azerbaijan is collaborating with the International Platform on Sustainable Finance (IPSF) and the Sustainable Banking & Finance Network (SBFN) to develop these principles.