Azerbaijan’s central bank develops ‘green taxonomy’: COP29 president

Azerbaijan's Central Bank is crafting a "green taxonomy" to boost "green finance," Mukhtar Babayev, COP29 President-Designate, Minister of Ecology and Natural Resources, said on Monday.

He made the remarks at a conference on "The Role of Small and Medium Business in the Green Economy" in Baku, News.Az reports.

He noted that thanks to the development of taxonomy economic activities would be classified based on "green standards, which will enable enterprises to receive more support for sustainable and environmentally friendly investments.

“This process will allow SMEs to more effectively use available financial resources in order to finance their green transition,” Babayev added.

News.Az