10:50 - 14.11.2024

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November 14, Fineko/abc.az. The "green" taxonomy has been endorsed by the decision of the Board of the Central Bank of Azerbaijan from November 7, ABC.AZ reports, referring to the CBA.

The "green" taxonomy" includes a classification system for determining the types of "green" activities, subspecies and criteria for their technical classification by economic sectors. The "green" taxonomy, intended mainly for use by financial institutions, can be used by the private sector to ensure that business activities meet the criteria and principles set out in the taxonomy, develop strategies for "green" and sustainable transition, publish relevant information, attract "green" investments and other similar areas.

The green taxonomy will serve to form a sustainable financial ecosystem in the country, direct internal and external resources to environmentally friendly and sustainable projects, manage risks associated with climate change, take advantage of opportunities associated with the transition to a low-carbon economy, as well as support the activities of enterprises specializing in the export of goods and services. Thus, it will make an important contribution to the adaptation of the country's economy to the imperatives of sustainable development, as well as to strengthening the role of the financial sector in the transition to a sustainable economy. The green taxonomy was developed by the expert group on sustainable finance, established at the initiative of the Central Bank and with the participation of relevant government agencies with the support of experts from the World Bank. In the process of preparation, along with international best practices, the specifics of the country's economy were taken into account.