The banking sector of Azerbaijan plans to take on financial commitments during Finance Day, which will be organized within the framework of COP29 to be held in Baku in November this year, Taleh Kazimov, the Chairman of the Central Bank of Azerbaijan, said at the Green Finance and Sustainable Development Forum held in Baku, Report informs.
"This step demonstrates that the sector is ready to allocate resources to projects arising from activities to combat climate change. In general, the banking sector structures its activities taking into account the risks faced by the country's economy and financial sector in this area, therefore, in close cooperation with the CBA, it works on integrating sustainable finance principles into risk management and lending practices," Kazimov noted.
"The insurance sector also actively participates in the implementation of sustainability initiatives. The CBA, together with the government, actively supports the activities of the insurance sector in this direction. In this framework, the development of segments such as renewable energy insurance, climate risk insurance, eco-auto insurance, and agricultural insurance is kept in focus. Additionally, I call on everyone to support green finance initiatives and actively participate in this path," the chairman added.