The benefit of the national Environmental, Social, and Governance (ESG) standard for Azerbaijani business is that international financial institutions and local banks pay attention to this standard when selecting companies, said Natig Hasanov, first deputy chairman of the Small and Medium Business Development Agency, Report informs.
He noted that this standard was developed on the recommendation of the International Organization for Standardization and adopted as a state standard.
"The national ESG standard includes business optimization in companies and economical management methods. Foreign investors and financial institutions give preference to companies that apply this standard. Thanks to this, companies applying the national ESG standard expand their investment opportunities and increase competitiveness. Financial resources are needed for business development, growth, and promotion. Investors attach special importance to this standard," Hasanov added.