Going Green: Azerbaijani Banks Commit to $17.6 Billion Investment
In a bold move towards sustainability, Azerbaijani banks are gearing up to allocate approximately $17.6 billion towards green finance initiatives over the next 36 years. This announcement was made by Zakir Nuriyev, the President of the Azerbaijan Banks Association, at the forum themed “Green finance and sustainable development” held in Baku today.
Nuriyev emphasized the importance of these investments in light of the World Bank’s Climate and Development Report, which estimates that Azerbaijan would need around $44 billion in investments to significantly reduce carbon emissions by 2060. He stressed the crucial role of the private and banking sectors in providing a substantial portion of these funds, with banks expected to contribute 40% of the total amount.
Highlighting the need for partnerships and collaboration, Nuriyev called for increased engagement with public and international financial institutions, foreign investors, and the implementation of green loans and other climate finance instruments. He outlined the challenges ahead but expressed confidence in the banking sector’s ability to meet the ambitious targets set for green finance in the coming years.
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