Baku. TurkicWorld:
The Central Bank of Azerbaijan (CBA) will pull out all the stops and go the extra mile to organize a plethora of events in various areas during the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), CBA Executive Director Shahin Mahmudzade said at a press conference, TurkicWorld reports.
"The first direction involves laying the groundwork for a sustainable financial infrastructure in the country, which means setting the stage for green bonds and other sustainable financial instruments, as well as putting the necessary legal framework in place.
Building sustainable finance risk management systems, with an emphasis on the banking industry, is the second path.
The third direction is to develop standardized reporting criteria, while the fourth is to ensure that the entire ecosystem is ready for the implementation of sustainable financial instruments," he noted.
In addition, Mahmudzade announced that the Baku Stock Exchange and banks will be working together to promote COP29 efforts.
This November, Azerbaijan will host COP29. This decision was made at the COP28 plenary meeting held in Dubai on December 11 last year. Baku will become the center of the world and will receive about 70–80,000 foreign guests.
The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous human interference with the climate system. COP - the Conference of the Parties - is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change. There are 198 countries that are parties to the Convention. Unless the parties agree otherwise, the COP is held annually. The first COP event took place in March 1995 in Germany's Berlin, with its secretariat in Bonn.
