BAKU, Azerbaijan, September 9. The Central Bank of Azerbaijan has elaborated a green taxonomy for the development of green finance, Minister of Ecology and Natural Resources of Azerbaijan, President of COP29 Mukhtar Babayev said, TurkicWorld reports.
He made the statement during the "Role of small and medium businesses in the green economy" conference, which was conducted in Baku, Azerbaijan, with the assistance of the Ministry of Economy, the Ministry of Ecology and Natural Resources, and the Small and Medium Business Development Agency (KOBIA).
"Thanks to the developed taxonomy, economic activities in the country will be classified based on 'green' standards, which will allow enterprises to receive more support for sustainable and environmentally friendly investments," he emphasized.
He pointed out that the taxonomy will pave the way for greasing the wheels of financing the 'green transition' of small and medium-sized businesses (SMEs) by making better use of existing resources.
"SMEs have unique opportunities in the field of innovation. They are more flexible and can quickly adopt new technologies and business models. In transitioning to a green economy, this flexibility should be leveraged to increase investments in clean energy sources, energy efficiency technologies, and waste reduction. This is also a crucial step towards achieving our climate goals.
We believe these measures will not only reduce the carbon footprint of our economy but also enhance the competitiveness of SMEs. We also encourage large companies to collaborate with SMEs to integrate them into sustainable supply chains," added Babayev.
