15:42 - 18.10.2024

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October 18, Fineko/abc.az. The Central Bank of Azerbaijan (CBA), with the support of IFC, is working over creation of a single taxonomy principle for 110 countries. An agreement has already been reached with more than 80 countries.

ABC.AZ reports quoting CBA general director Shahin Mahmudzadeh as saying this during the forum "Green Finance & Sustainable Development", held in Baku.

"There are 48 countries in the world that have a taxonomy, but each of them is different from each other. What is considered eco-friendly in one country may not be so in another, which creates difficulties for cross-border transactions. In this context, I would like to note CBA’s initiative and the special support from the IFC.

We are working over creation of a single taxonomy principle for 110 countries, and have already reached agreements with more than 80 countries. Our goal is to sign a document that will unite these countries. Of course, there cannot be a single taxonomy for the whole world, since each country has its own geographical and economic realities, but we strive to ensure that taxonomies with similar principles are recognized at the global level," Mahmudzadeh said.