The Central Bank of Azerbaijan (CBA) has been accepted as a full member of the NGFS - Network of Central Banks and Supervisors for Greening the Financial System, Report informs referring to the CBA.
As a full member of the Network, the Central Bank will participate in working groups, contribute to, and benefit from collective research in areas such as climate scenario analysis, green finance, climate stress tests, and the integration of sustainability factors into monetary policy and prudential supervision.
The CBA's accession to this Network will contribute to the deepening of its sustainable finance agenda, including the implementation of the Green Taxonomy, the development of a green bond market, and the application of climate-related risk disclosures in the financial sector.
This membership, a key initiative in the implementation of the organization's Sustainable Finance Roadmap, is also consistent with Azerbaijan's national commitments under the Paris Agreement and its policy of transforming the economy toward green, sustainable development.
The NGFS was established at the initiative of the Banque de France in December 2017 during the Paris Climate Summit. The goal of the Network is to exchange best practices and expertise in promoting the development of environmental and climate risk management mechanisms in the financial sector and mobilizing financing to support the transition to a sustainable economy.
Established on a voluntary basis, the NGFS initially consisted of eight members. However, by the beginning of 2026, more than 140 central banks and supervisory authorities (NGFS members), as well as more than 20 observers (primarily international organizations), had united under the organization's umbrella.