BAKU, Azerbaijan, December 3. The implementation of green taxonomy in Azerbaijan will establish a robust framework for attaining sustainable development objectives, the Governor of the Central Bank of Azerbaijan, Vusal Khalilov, said at the 8th International Banking Forum held in Baku, Azerbaijan, TurkicWorld reports.
"Azerbaijan's banking sector has committed to providing 2 billion manat [$1.1 billion] to support sustainable development in the fight against climate change. I would like to highlight that, for the successful achievement of these goals, our country has adopted a green taxonomy. This taxonomy is a critical framework that assesses the environmental impact of investments and directs financial flows toward environmentally sustainable projects. This step not only strengthens the environmental responsibility of the banking sector but also creates a robust foundation for achieving sustainable development goals.
I am confident that our banks will make every effort to support the transition to a green economy, which is one of the main priorities of national development," Khalilov said.
To note, the 8th International Banking Forum is in full swing over two days in the bustling city of Baku, Azerbaijan, and the key topics of the forum include digital transformation (digital and neobanks), strategies for data management and analytics, the evolution of the payment landscape (transition to contactless technologies), instant, seamless, and compatible international payments, the revolution of decentralized finance (DeFi), cloud systems and alternatives to outdated technologies, digitalization through the lens of cybersecurity, stability and resilience, and green and sustainable banking (ESG).
