The application level of ESG (Environmental, Social and Governance) principles in Azerbaijan was 3.5% in 2023, Chairman of the Management Board of the Small and Medium Business Development Agency (KOBIA) Orkhan Mammadov told the ESG Summit: Public-Private Partnerships for Sustainable Development held in Baku Wednesday, Report informs.
Mammadov said that in 2023, the first large-scale survey indicating the current state of ESG in Azerbaijan was conducted by a professional research company: “The survey covered about 300 respondents in various sectors and regions. According to the survey results, the level of awareness of ESG principles in Azerbaijan is 7%, supplier selection impact is 2.5%, and reporting according to these principles is 1.4%.”
Orkhan Mammadov added that the survey also identifies the initial needs of ESG implementation, which include detailed explanations, additional knowledge and skills, and human resources.