CBA and IFC collaborate to establish unified taxonomy principle for 110 countries

The Central Bank of Azerbaijan, with the support of the International Financial Corporation (IFC), is working on the creation of a single taxonomy principle for 110 countries.

This was stated by Shahin Mahmudzade, the General Director of the Central Bank of Azerbaijan (CBA), at the forum on "Green Finance and Sustainable Development" held in Baku, Azernews reports.

"The taxonomy exists in 48 countries worldwide, but each of them differs from the others. What is considered ecological in one country may not be so in another, which creates difficulties for cross-border operations. In this context, I would like to highlight the initiative of the Central Bank of Azerbaijan and the special support from the IFC.

We are working on creating a single taxonomy principle for 110 countries and have already reached agreements with more than 80 of them. Our goal is to sign a document that unites these countries. Of course, there cannot be a single taxonomy for the entire world, as every country has its own geographical and economic realities, but we are working toward global recognition of taxonomies with similar principles," he said.