15:08 - 14.11.2024

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November 14, Fineko/abc.az. Azerbaijan plans to integrate climate risks into banking operations.

ABC.AZ reports, quoting Zakir Nuriyev, the president of the Association of Banks of Azerbaijan (ABA), as saying this at the event «Global Financial System: Boosting Climate Action Financing" during COP29 in Baku.

"We integrate climate risks and opportunities into our risk management systems, credit solutions and strategic planning. Banks' activities will contribute to long-term stability by supporting both national and global environmental goals," Nuriyev said.

He added that green and sustainable banking will be actively encouraged: "In this direction, we’ll increase support for green projects and sustainable financial initiatives aimed at developing a low-carbon sustainable economy in Azerbaijan. This includes developing and offering banking products such as green loans, loans focused on sustainable development, as well as opportunities for clean investments that promote environmentally responsible business practices."