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Azerbaijan intends to release green financial investment guideline book at COP29

Azerbaijan as host of COP29 U.N. climate talks will this month launch a set of requirements agreed by more than 100 nations to direct sustainable investment, the country's reserve bank governor stated on Friday.

Climate finance taxonomies are required to make sure investments are effective in reducing emissions, however financiers are concerned the number of differing guideline books causes confusion.

The 27-member European Union has delivered one of the most substantial, however a U.N. taxonomy could have even broader support.

We have actually developed new unified taxonomy concepts together with 110 nations. These principles will be used in establishing nationwide taxonomies, streamlining the process of issuing green loans, Central Bank Governor Taleh Kazimov informed a. press conference on Friday.

Azerbaijan hosts U.N. climate talks from Nov. 11-22.

On Nov. 14, Kazimov said Azerbaijan will reveal the amount. of funds it will designate for green jobs until 2030.

Zakir Nuriyev, head of the Association of Banks of. Azerbaijan, said the figure would correspond to the overall loan. portfolio of Azerbaijani banks, which surpasses $15 billion.

In addition to the rules on sustainable financing, Guv. Kazimov stated that the Reserve bank was thinking about the. intro of Islamic sukuk bonds.

He said legislation was being prepared and the bank was. analysing the market to see if there sufficed demand.

(source: Reuters)