Azerbaijan's banking sector undertakes climate change commitments worth over $1B

Azerbaijan's banking sector undertakes commitments worth 2 billion manats ($1.176 billion) for climate change initiatives, President of the Azerbaijan Banks Association Zakir Nuriyev said at the event "Global Financial System: Scaling Up Financing for Climate Action" within COP29, Report informs.

"These funds will be directed towards implementing sustainable and green projects," he noted.

Nuriyev added that the Central Bank of Azerbaijan, as the financial sector regulator, has already taken active steps by adopting the Sustainable Finance Roadmap for 2023-2026: "This roadmap represents a strategic vision for the banking sector's transition to sustainable financing."