Azerbaijan will unveil a new set of sustainable investment standards at the COP29 U.N. climate talks, with support from over 100 countries. The Central Bank aims to simplify green finance and announce funding commitments for green projects by 2030.
Azerbaijan, as the upcoming host of COP29 U.N. climate talks, will unveil a new global framework for sustainable investments this month, according to Central Bank Governor Taleh Kazimov.
Developed in collaboration with over 100 countries, the standards aim to provide consistent guidelines for climate finance, addressing concerns over the complexity caused by differing rules.
While the European Union has already introduced a comprehensive taxonomy, a U.N.-endorsed framework could attract even wider international support. "Working with 110 countries, we’ve established unified principles that will aid nations in developing their own green finance taxonomies, simplifying green loan issuance," Kazimov stated.
On November 14, Azerbaijan will announce its planned investments in green projects through 2030. Zakir Nuriyev, head of the Association of Banks of Azerbaijan, noted that this amount would reflect the nation’s total bank loan portfolio, currently exceeding $15 billion.
Kazimov added that the Central Bank is considering Islamic sukuk bonds as another financing option for sustainability projects. Legislation is in the works, and the bank is assessing market demand to support this initiative.
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The United Nations Framework Convention on Climate Change (UNFCCC) has formally recognised Azerbaijan’s strong organisation and effective delivery of COP29, paving the way for deeper cooperation and the involvement of Azerbaijani specialists in future global climate initiatives.
On September 1, Azerbaijani President Ilham Aliyev met with Maldives President Mohamed Muizzu in Tianjin, China, to strengthen economic, trade, and tourism ties between the two nations.
The United Nation’s climate chief says a delay in choosing the host for next year’s COP31 summit is causing problems. It's after Australia and Türkiye submitted bids in 2022 to host the high-profile conference in 2026. Sydney said it's received the most votes.
The first side event of the Global South NGO Platform, initiated by Azerbaijan, was held in Bonn, Germany this week.
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Hong Kong fire authorities said they expected to wrap up search and rescue operations on Friday after the city's worst fire in nearly 80 years tore through a massive apartment complex, killing at least 128 people, injuring 79 and leaving around 200 still missing.
U.S. Secretary of Defense Pete Hegseth visited sailors aboard the USS Gerald R. Ford aircraft carrier in the Latin American region on Thursday, amid a military buildup by President Donald Trump’s administration that has heightened tensions with Venezuela.
At least 153 people have been killed in Sri Lanka after landslides and flooding caused by Cyclone Ditwah, officials said on Saturday, with 191 others missing and more than half a million affected nationwide.
The Spanish agricultural sector has been placed on high alert following the confirmation that African Swine Fever (ASF) has resurfaced in the country for the first time in over thirty years.
The death toll from devastating floods across Southeast Asia climbed to at least 183 people on Friday (28 November). Authorities in Indonesia, Malaysia, Thailand and Sri Lanka struggle to rescue stranded residents, restore power and communications, and deliver aid to cut-off communities.
At least 47 people have died and another 21 are reported missing following ten days of heavy rainfall, floods, and landslides across Sri Lanka, local media reported on Thursday (27 November).
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Floods and landslides brought about by torrential rain in Indonesia's North Sumatra province have killed at least 28 people by Thursday, with rescue efforts hampered by what an official described as a "total cut-off" of roads and communications.
Cameras from the United States Geological Survey (USGS) on Saturday (22 November) captured Hawaii's Kilauea volcano spewing flowing lava from its crater in its latest eruption.
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