IFC urges banks to step up efforts in fighting climate change

Financial institutions play a crucial role in the climate transition process, said Andriy Zaripov, Agriculture Insurance Lead (Regional coordinator) at the International Finance Corporation (IFC), Report informs.

Speaking on the fourth day of the Baku Climate Action Week, Zaripov emphasized the importance of banks being informed about the priorities of the climate transition.

"Most financial institutions understand the sequence of necessary steps, but sometimes the process is not completed," he stated. "The transition to a sustainable economy is not only long but also an exciting journey, and attracting investments plays the most critical role here."

Zaripov highlighted that while investment accessibility is not always ensured, their proper utilization is extremely important. Additionally, the IFC official drew attention to the low activity of clients in promoting the climate agenda, particularly in agriculture.

"Farmers are one of the most conservative groups and are not always ready for changes. Therefore, it is necessary to develop incentives such as smart agriculture and risk reduction," he added.