On November 14, 2024, within the framework of COP29, the president of the Azerbaijan Banks Association (ABA), Zakir Nuriyev, issued a statement representing the banking sector, expressing support for the sustainable development of Azerbaijan’s banking industry.
Zakir Nuriyev addressed each provision individually, stating:
“1. Promote Green and Sustainable Banking
We will increase support for green projects and sustainable finance initiatives that contribute to a low-carbon, resilient economy in Azerbaijan. This includes developing and offering banking products such as green loans, sustainability-linked loans, and eco-friendly investment opportunities to encourage environmentally responsible business practices.
2. Integrate Climate Risks in Banking Operations
We will incorporate climate-related risks and opportunities into our risk management frameworks, lending decisions, and strategic planning. We pledge to ensure that our banking activities promote long-term stability while contributing to national and global environmental goals.
3. Enhance ESG Transparency and Reporting
We commit to improve the transparency of our banking activities by adopting robust Environmental, Social, and Governance (ESG) reporting standards. We will regularly disclose the impact of our lending and investment portfolios on the environment and society, aligning with international best practices.
4. Collaborate with Stakeholders for Sustainable Growth
We will work closely with regulators, policymakers, and other financial institutions to promote policies and initiatives that drive sustainable economic growth. We pledge to facilitating partnerships that advance the banking sector’s contribution to a sustainable future.
5. Support Capacity Building and Innovation
We will invest in capacity building and education on sustainable finance within our institutions. We will foster innovation in banking services and technologies that support the transition to a sustainable, climate-resilient economy.
6. And finally, it is my honor to announce that, as the Azerbaijani banking community, we collectively commit to dedicate 2 billion Manats (1.2 billion US dollars) by 2030 in Azerbaijan to finance sustainable and green projects that will contribute to Azerbaijan’s transition to a low-carbon, resilient economy.”
It should be noted that, beginning on November 11, Baku is hosting COP29, a prestigious international conference.
