BAKU, Azerbaijan, November 14. The roadmap for promoting the compatibility and comparability of sustainable finance taxonomies identifies three key elements, the Chairman of the Central Bank of Azerbaijan Taleh Kazimov said at a panel discussion organized by the Central Bank of Azerbaijan on "Advancing Sustainable Finance across the Globe: Roadmap towards Interoperability and Comparability of Sustainable Finance Taxonomies," TurkicWorld reports.
"The roadmap highlights three key elements that are critical for alignment: defining a common set of economic activities - special attention is paid to the decarbonization process, especially for emerging markets and developing economies; developing common technical approaches for alignment with the principles of the taxonomies and core criteria in line with the G20 guidelines; and formulating common approaches to financing the transition through the taxonomies. The need to go beyond 'pure green' investments by supporting transition activities, especially in high-emitting sectors, is recognized," he said.
To note, the Central Bank of Azerbaijan in cooperation with the IFC, Sustainable Banking and Financial Sector Network (SBFN), International Platform for Sustainable Finance (IPSF), United Nations Development Program (UNDP), and with the support of the United Nations Environment Finance Initiative (UNEP FI) today approved a roadmap to promote compatibility and comparability of sustainable finance taxonomies.
