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 second day of the annual June Climate Meetings in Bonn focused on preparations for the upcoming COP30 conference.
Azerbaijan is calling for closer regional cooperation with Central Asian neighbors to confront the escalating climate crisis in the Caspian Sea, said Mukhtar Babayev, Azerbaijan’s presidential climate envoy and COP29 President, in an interview with The Times of Central Asia.
Azerbaijan is advancing its global climate leadership with an ambitious new initiative to expand climate financing to $1.3 trillion, in collaboration with Brazil, following the landmark COP29 summit held in Baku.
The U.S. economy faces a 40% risk of recession in the second half of 2025, JP Morgan analysts said on Wednesday, citing rising tariffs and stagflation concerns.
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China has ramped up efforts to protect communities impacted by flood control measures, introducing stronger compensation policies and direct aid from the central government.
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Azerbaijan, Kazakhstan and Uzbekistan have established a joint venture to implement the Green Energy Corridor: Azerbaijan–Central Asia project aimed at building infrastructure for clean energy transmission and strengthening a regional energy cooperation.
A Clean Energy Centre will be officially launched during the 17th Economic Cooperation Organization (ECO) Summit, to be hosted by Azerbaijan this week, announced Asad M. Khan, Secretary General of the ECO.
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