The application of the National Standard on Environment, Social, and Corporate Governance (ESG) does not carry any penalties or mandatory requirements, Ilham Bayramov, Director General of the Azerbaijan Standardization Institute (AZSTAND), operating under the State Service for Antimonopoly and Consumer Market Control under the Economy Ministry, told Report.
"This standard is voluntary in nature, and we are promoting it and conducting necessary awareness-raising activities. One of the main components of the standard is the objectives aimed at environmental issues,” Bayramov stated.