Ways to maintain positive growth rates of Azerbaijani economy determined

The positive growth rates of the Azerbaijani economy will be supported by more sustainable resources and increased "green" financial flows, Secretary of the National Coordinating Council for Sustainable Development of the Azerbaijani Ministry of Economy Huseyn Huseynov said at a seminar on the implementation of the principles of environmental, social and corporate governance (ESG) within the Financing for Development project, Report informs

The Financing for Development project is implemented with the joint support of the United Nations Development Program in Azerbaijan and the country's Ministry of Economy.

Huseyn Huseynov noted that in 2022, the GDP growth rate amounted to 4.6%, and in the non-oil sector it was 9.1%.

According to him, the implementation of ESG standards has significantly intensified over the past five years:

"From 2019 to the present, the search for the term ESG in Google has increased five times. Currently, all companies are interested in applying ESG standards. In the statistics for 2018-2021, ESG fund receipts increased from approximately $5 billion to $70 billion. This has resulted in net profits of $25-30 billion globally."