Azerbaijan's banking sector prioritizes climate financing for households and SMEs

Financing for households and small and medium-sized enterprises (SMEs), in line with the government's strategic vision, will be prioritized during the implementation of the 2 billion manats ($1.176 billion) commitment undertaken by Azerbaijan's banking sector regarding climate change, stated Taleh Kazimov, Chairman of the Central Bank of Azerbaijan (CBA), Report informs.

Kazimov made the remark during a plenary session of Azerbaijan’s Milli Majlis (Parliament).

"The funds allocated by our banks will play a crucial role in accelerating the transition to a green economy while supporting the sustainable development of our economy," he emphasized.

Kazimov further stated that COP29 was a success for Azerbaijan, achieving historic results in climate financing. Additionally, a collective commitment was made for developed countries to allocate $300 billion to developing nations for climate financing by 2035.