News
The Management Board of the Central Bank of the Republic of Azerbaijan approved the Green Taxonomy
13-11-2024
November 13, 2024, Baku: On November 7, the Management Board of the Central Bank of Azerbaijan Republic has approved the Green Taxonomy.
The Green Taxonomy includes a classification system for determining green activity types, subtypes and their technical classification criteria across economic sectors.
The Green Taxonomy, which is mainly intended for use by financial institutions, can be also used by the private sector to ensure that business activities comply with the criteria and principles outlined in the Taxonomy, to develop green and sustainable transition strategies, to disclose relevant information to the public, to attract green investments, and for other similar purposes.
Implementation of the Taxonomy will serve to the formation of a sustainable finance ecosystem, facilitate the allocation of domestic and foreign resources to green and sustainable projects, manage risks arising from climate change, capitalize on opportunities associated with the transition to a low-carbon economy, and support businesses specializing in the export of goods and services. Thus, the Green Taxonomy will make an important contribution to adapting the country's economy to sustainable development imperatives, as well as strengthening the role of the financial sector in the transition to a sustainable economy.
Taxonomy was developed by the Expert Group on Sustainable Finance, that was established under the initiative of the Central Bank of the Republic of Azerbaijan, with the involvement of relevant public authorities and with the support of World Bank experts. In addition to the best international practices, the characteristics of the economy of the Republic of Azerbaijan were taken into account in the preparation process.
To review the Green Taxonomy document, please visit the following link: