Azerbaijan's banking sector has taken significant strides towards sustainability as part of the Sustainable Finance Roadmap for 2023-2026, said Zakir Nuriyev, President of the Azerbaijan Banks Association Public Union, Report informs.
Nuriyev made the remarks at the event titled Global Financial System: Expanding Finance for Climate Action held within the framework of COP29 in Baku.
"One of the key initiatives is the adoption of sustainable and green finance principles, which banks have already started incorporating into their strategies, governance frameworks, risk management practices, and disclosure standards," Nuriyev stated. “These measures align with the sustainable financing principles for financial institutions and the guidelines on managing climate-related risks issued by the Central Bank of Azerbaijan.”
“Another initiative is about sustainable products and services. Banks actively develop sustainable products and services including digital banking solutions, environmentally friendly products, and social responsibility," he noted.