It is planned to integrate climate risks into banking framework in Azerbaijan, Zakir Nuriyev, President of the Azerbaijan Banks Association (ABA) Public Union, said at an event titled "Global Financial System: Expanding Financing for Climate Action" held on the sidelines of COP29 in Baku, Report informs.
"We will incorporate climate-related risks and opportunities into our risk management frameworks, lending decisions, and strategic planning. We commit that banking activities will help long-term stability while contributing to both national and global environmental goals," Nuriyev noted.
Moreover, according to the ABA head, green and sustainable banking will be promoted: "In this regard, we will increase support for green projects and sustainable financial initiatives that contribute to a low-carbon sustainable economy in Azerbaijan. This includes developing and offering banking products such as green loans, sustainability-linked loans, as well as clean investment opportunities to promote environmentally responsible business practices."