Azerbaijan lacks legal framework for green bonds

Azerbaijan lacks a legislative framework for green bonds, PASHA Bank OJSC Deputy Chairman of the Board Bahruz Naghiyev said at the event "Climate Finance Prospects in South Caucasus and Central Asia" within COP29, Report informs.

He noted that there was interest in green bonds even before COP29, but the main obstacle to their development is the lack of a legislative framework in our country.

"Without an appropriate legislative framework, green bonds cannot be introduced to the market. In this regard, work is being done with legislative bodies, and proper solutions must be developed to avoid problems when issuing bonds to the market," he said.

Naghiyev added that green bonds are an instrument that requires long-term financing.